How much was your Tax Refund (or amount DUE)

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Makaveli
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How much was your Tax Refund (or amount DUE)

Post by Makaveli » Fri Feb 06, 2015 7:34 pm

I know the goal is to get as close to 0 as possible but how much have you owed? This year stings... perhaps choosing the wrong # of exemptions?

2013 - $444 federal tax paid
2014 - $1,462 federal tax due

Gill
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Re: How much was your Tax Refund (or amount DUE)

Post by Gill » Fri Feb 06, 2015 7:59 pm

Your premise is wrong for many of us. My objective is to pay as little as possible no earlier than required.
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Makaveli
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Re: How much was your Tax Refund (or amount DUE)

Post by Makaveli » Fri Feb 06, 2015 8:20 pm

Gill wrote:Your premise is wrong for many of us. My objective is to pay as little as possible no earlier than required.
Gill
Okay maybe that is a better question for the masses (although another thread shows that many people have already filed their 2015 tax return) - what are the top methods for paying as little as possible? Does no earlier than required matter if you are owed a refund? Makes sense to hold off for awhile if you owe so you can invest + retain as long as possible.

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Re: How much was your Tax Refund (or amount DUE)

Post by Gill » Fri Feb 06, 2015 8:24 pm

If you are owed a refund you obviously paid in too much too soon. Also, there is no requirement to pay when you file. I usually file in March but pay April 15th.
Gill
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Re: How much was your Tax Refund (or amount DUE)

Post by livesoft » Fri Feb 06, 2015 8:30 pm

I think some folks like a big refund so that they can buy I-bonds with that money.
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Re: How much was your Tax Refund (or amount DUE)

Post by Gill » Fri Feb 06, 2015 8:34 pm

livesoft wrote:I think some folks like a big refund so that they can buy I-bonds with that money.
I like I-bonds too, but I've always been a bit reluctant to highlight my return by having a $10,000 refund.
Gill
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Re: How much was your Tax Refund (or amount DUE)

Post by Toons » Fri Feb 06, 2015 8:39 pm

No refund :happy
Part of the investing equation is making money and paying taxes :happy
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ThankYouJack
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Re: How much was your Tax Refund (or amount DUE)

Post by ThankYouJack » Fri Feb 06, 2015 8:42 pm

I owe $10 federal, a bit more for state. I'm surprised I got so close to $0 considering my taxes are somewhat complex. I like getting a refund because it's a pleasant surprise.

Now should I wait until April 15 to pay my taxes so that $10 can earn a nickel of interest? :P :P

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Re: How much was your Tax Refund (or amount DUE)

Post by Rainier » Fri Feb 06, 2015 8:44 pm

$395 federal refund, $390 due state.

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Re: How much was your Tax Refund (or amount DUE)

Post by leonidas » Fri Feb 06, 2015 8:44 pm

I owe about 258 dollars this year to the Feds. Still haven't finished my states (NY,NJ).

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Re: How much was your Tax Refund (or amount DUE)

Post by Makaveli » Fri Feb 06, 2015 9:16 pm

Toons wrote:No refund :happy
Part of the investing equation is making money and paying taxes :happy
That's the truth... next year I'll budget and be prepared for them. :sharebeer

avidsaver
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Re: How much was your Tax Refund (or amount DUE)

Post by avidsaver » Fri Feb 06, 2015 9:20 pm

$733 Federal and $35 State, I did not do as much freelance work as I thought I would so withheld too much from my W-2 job :/.

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Re: How much was your Tax Refund (or amount DUE)

Post by tomd37 » Fri Feb 06, 2015 9:20 pm

I have a $10 federal refund and owe $35 state tax. I called it pretty close last year in my federal withholding. State was messed up a bit because of retiree first time investments in taxable funds.
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Re: How much was your Tax Refund (or amount DUE)

Post by mistike » Fri Feb 06, 2015 9:38 pm

$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.

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Re: How much was your Tax Refund (or amount DUE)

Post by Gill » Fri Feb 06, 2015 9:42 pm

mistike wrote:$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
They don't have any choice.
Gill
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Re: How much was your Tax Refund (or amount DUE)

Post by Louis Winthorpe III » Fri Feb 06, 2015 10:36 pm

Gill wrote:Also, there is no requirement to pay when you file. I usually file in March but pay April 15th.
Gill
What advantage do you gain from paying a few weeks after you file?

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Re: How much was your Tax Refund (or amount DUE)

Post by Ostentatious » Fri Feb 06, 2015 10:50 pm

18K - (due to adoption credit).

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Re: How much was your Tax Refund (or amount DUE)

Post by mistike » Sat Feb 07, 2015 1:07 am

Gill wrote:
mistike wrote:$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
They don't have any choice.
Gill
They do. They have the choice between two methods (percentage vs aggregate). They chose aggregate, which means my entire paycheck is taxed on what my tax bracket would be if I earned *that* every paycheck. Wish I did :p

But I'm not complaining, at the end of the day (year!), it's a wash, and I'd rather get a return than owe anything. And I don't really lose anything, since we're talking about less than $2,000 that would otherwise be sitting in a < 1% APY savings account for 10 months.

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Re: How much was your Tax Refund (or amount DUE)

Post by Ketawa » Sat Feb 07, 2015 2:43 am

$100-$200 federal tax due with about $5k total owed. I shoot for having a small amount due. There are advantages to this e.g. if I was a target of fraud I wouldn't have to wait for a refund.

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Re: How much was your Tax Refund (or amount DUE)

Post by madbrain » Sat Feb 07, 2015 4:42 am

mistike wrote:
Gill wrote:
mistike wrote:$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
They don't have any choice.
Gill
They do. They have the choice between two methods (percentage vs aggregate). They chose aggregate, which means my entire paycheck is taxed on what my tax bracket would be if I earned *that* every paycheck. Wish I did :p
You should consider yourself lucky. Last year my bonus was less than my regular paycheck, and the 2 years before that, no bonus.

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Re: How much was your Tax Refund (or amount DUE)

Post by Gill » Sat Feb 07, 2015 8:04 am

Louis Winthorpe III wrote:
Gill wrote:Also, there is no requirement to pay when you file. I usually file in March but pay April 15th.
Gill
What advantage do you gain from paying a few weeks after you file?
Cash flow. Paying balance due and 1st estimated payment out of current income.
Gill
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Re: How much was your Tax Refund (or amount DUE)

Post by midareff » Sat Feb 07, 2015 8:38 am

Will have about $800 due in refund. Several dental implants helped our medical and dental run way over projections this year and we did more in charitable than I thought I would when the yearly projections were done.

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Re: How much was your Tax Refund (or amount DUE)

Post by angelescrest » Sat Feb 07, 2015 8:44 am

Looking like about 7k federal and 2.5k state. Due to unusual circumstances, will never happen again.

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Re: How much was your Tax Refund (or amount DUE)

Post by Sconie » Sat Feb 07, 2015 8:47 am

Approximately $4K federal and $100 AZ. I typically try to have a bit more withheld from my various pay "sources" such that I can avoid the issue of having to make quarterly estimated payments.
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Re: How much was your Tax Refund (or amount DUE)

Post by TexasTeacher » Sat Feb 07, 2015 8:57 am

$3200 Federal we do not pay income taxes in my state.

All straight to our emergency fund.

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Re: How much was your Tax Refund (or amount DUE)

Post by The Wizard » Sat Feb 07, 2015 9:12 am

$650 federal refund.
This is largely due to unexpected part time work in retirement on top of my decent retirement income, hence all taxed at my 25% marginal rate. No option to withhold at 25% on the stupid W-4 form, so added a flat additional amount which turned out a bit excessive. Bothers me not at all...
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Re: How much was your Tax Refund (or amount DUE)

Post by Makaveli » Sat Feb 07, 2015 9:16 am

mistike wrote:
Gill wrote:
mistike wrote:$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
They don't have any choice.
Gill
They do. They have the choice between two methods (percentage vs aggregate). They chose aggregate, which means my entire paycheck is taxed on what my tax bracket would be if I earned *that* every paycheck. Wish I did :p

But I'm not complaining, at the end of the day (year!), it's a wash, and I'd rather get a return than owe anything. And I don't really lose anything, since we're talking about less than $2,000 that would otherwise be sitting in a < 1% APY savings account for 10 months.
Noticed the same thing w/ my companies tax policy on bonuses. They chose the higher of the two methods.

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Re: How much was your Tax Refund (or amount DUE)

Post by Makaveli » Sat Feb 07, 2015 9:18 am

Sconie wrote:Approximately $4K federal and $100 AZ. I typically try to have a bit more withheld from my various pay "sources" such that I can avoid the issue of having to make quarterly estimated payments.
Ah is that how people get close to 0? Making additional quarterly payments?

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Re: How much was your Tax Refund (or amount DUE)

Post by Toons » Sat Feb 07, 2015 9:27 am

Makaveli1988 wrote:
Toons wrote:No refund :happy
Part of the investing equation is making money and paying taxes :happy
That's the truth... next year I'll budget and be prepared for them. :sharebeer

:thumbsup
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Re: How much was your Tax Refund (or amount DUE)

Post by Sidney » Sat Feb 07, 2015 9:37 am

Makaveli1988 wrote:Ah is that how people get close to 0? Making additional quarterly payments?
That and filing an extension in April with a payment to make the amount due zero when the return is filed later in the year. Also, some people have large enough IRA distributions at the end of the year which might allow them to true up their tax payments pretty close to their total liability for the year by withholding from the distribution.
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Re: How much was your Tax Refund (or amount DUE)

Post by texasdiver » Sat Feb 07, 2015 10:08 am

$4,550 Federal, no state here in TX. It all goes straight into my 2015 HSA contribution. which I make independently because my employer has no HSA option.

it was about $2500 higher than last year and we didn't make any changes in our withholding so I'm not sure what happened.

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Re: How much was your Tax Refund (or amount DUE)

Post by livesoft » Sat Feb 07, 2015 10:18 am

2014 was an unusual year for me in that I worked only part of the year and got a lump sum payment. I had to make sure I paid the taxes in a timely fashion by making a 2nd quarter estimated tax payment. Only later in December did our income situation for 2015 and future years become very clear, so then we could make a decision about a charitable contribution which should result in a 5-figure tax refund about equal to the 2nd quarter estimated tax payment.

Am I ashamed about getting such a large refund? Not at all.
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Re: How much was your Tax Refund (or amount DUE)

Post by WhiskeyJ » Sat Feb 07, 2015 10:35 am

Makaveli1988 wrote: Ah is that how people get close to 0? Making additional quarterly payments?
I do it by running taxcaster in October, then adding an extra fixed dollar amount to my withholding for the last several pay periods. It seems like the majority of my dividend income comes at year end so withholding more taxes in Q4 seems ethical/appropriate.

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Re: How much was your Tax Refund (or amount DUE)

Post by fishnskiguy » Sat Feb 07, 2015 11:02 am

$1191 Federal refund. I e-filed with TurboTax last Sunday, Feb 1. The refund posted to my bank checking account this morning. That's impressive.

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Re: How much was your Tax Refund (or amount DUE)

Post by Hayden » Sat Feb 07, 2015 11:13 am

I haven't done my taxes yet, but it is always a large number. I own an S Corp and I just can't predict revenue that closely.

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Re: How much was your Tax Refund (or amount DUE)

Post by mnsportsgeek » Sat Feb 07, 2015 11:19 am

$3000 refund.

Oops. lol. Looks like the new car fund got some help.

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Re: How much was your Tax Refund (or amount DUE)

Post by jebmke » Sat Feb 07, 2015 11:20 am

livesoft wrote:2014 was an unusual year for me in that I worked only part of the year and got a lump sum payment. I had to make sure I paid the taxes in a timely fashion by making a 2nd quarter estimated tax payment. Only later in December did our income situation for 2015 and future years become very clear, so then we could make a decision about a charitable contribution which should result in a 5-figure tax refund about equal to the 2nd quarter estimated tax payment.

Am I ashamed about getting such a large refund? Not at all.
I will be getting a largish refund this year. Was making normal quarterly payments and after the third one, notified that a legacy individual stock was getting merged out in a cash deal. Quickly moved that stock to our DAF -- created more headroom for ROTH conversion in December but due to the shape of the marginal cost curve, we are still getting a refund.
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Re: How much was your Tax Refund (or amount DUE)

Post by Kenkat » Sat Feb 07, 2015 11:43 am

Did you have a child turn 17 in 2014? You lose a $1000 tax credit (not deduction) when they reach age 17. That caught me in 2013 when my oldest turned 17. Since #2 turns 17 in 2016, I will need to remember to adjust my withholding down some as I don't want to owe more than a couple of hundred bucks when I file.

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Re: How much was your Tax Refund (or amount DUE)

Post by TheEternalVortex » Sat Feb 07, 2015 12:35 pm

I overpaid my estimated taxes by $40k, so I am getting that as a refund. I'd rather not have to pay an underpayment penalty, so I'm fine with this. It's basically impossible for me to estimate accurately given my sources of income.

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Re: How much was your Tax Refund (or amount DUE)

Post by Caduceus » Sat Feb 07, 2015 5:39 pm

I overpaid my estimated taxes by $40k, so I am getting that as a refund. I'd rather not have to pay an underpayment penalty, so I'm fine with this. It's basically impossible for me to estimate accurately given my sources of income.
You won't pay a penalty if you pay at least 110% of the prior year's taxes. Read the IRS safe harbor rules.

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Re: How much was your Tax Refund (or amount DUE)

Post by OutInThirteen » Sat Feb 07, 2015 6:02 pm

Amount due when I file my return on April 15 will equal (almost to the dollar) 10% of my tax liability.

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Re: How much was your Tax Refund (or amount DUE)

Post by Runner01 » Sat Feb 07, 2015 6:02 pm

$65 refund this year.

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Re: How much was your Tax Refund (or amount DUE)

Post by pennstater2005 » Sat Feb 07, 2015 7:36 pm

$6700 federal refund. Have not changed my W4 since getting married nearly five years ago. I guess I don't mind giving an interest free loan. Sort of a forced savings for me. Especially for things like a new roof. I just don't know if I would truly set aside an account and actually put the the extra money into it. Maybe someday.
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Re: How much was your Tax Refund (or amount DUE)

Post by Alan S. » Sat Feb 07, 2015 7:57 pm

Amount due about 1,800.
But no underpayment penalty because I met safe harbor of 100% of 2013 taxes through withholding from RMD.
When you owe the IRS you no longer have to worry about IRS problems in processing refunds. You are also not providing a tax free loan which of course will mean more when interest rates start to rise.

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House Blend
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Re: How much was your Tax Refund (or amount DUE)

Post by House Blend » Sat Feb 07, 2015 8:19 pm

Looks like I owe the Feds about $250, State #1 about $350, and non-resident State #2 owes me about $150.

Still haven't figured out the withholding schedule rules for State #2.

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Re: How much was your Tax Refund (or amount DUE)

Post by rayout » Sat Feb 07, 2015 8:22 pm

I will owe about $1K each to the feds and IL.

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Re: How much was your Tax Refund (or amount DUE)

Post by ray.james » Sat Feb 07, 2015 8:27 pm

I adjust my deductions as accurately as possible. Sometimes changing once a year so that tax owed is zero.

Last year I owed $7. This year $46(Miscalculated my account opening bonus from chase as next year).
I wish I can figure how to do that same with state. Pretty complicated given deductions etc., always on boundary for itemized deductions.
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Re: How much was your Tax Refund (or amount DUE)

Post by Impromptu » Sat Feb 07, 2015 9:57 pm

This year I received 1/3 of my pay in December as a year end profit sharing bonus. We didn't know what it was going to be until December 31st when all of that year's receipts came in. Despite the uncertainty, my actual taxes paid were pretty close. Had I not made any charitable donations, my federal taxes would have been within 99.4% and my state taxes 99.5%. The charitable donations mean Uncle Sam owes me 6% back, while the state stays the same.
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Re: How much was your Tax Refund (or amount DUE)

Post by basspond » Sun Feb 08, 2015 8:12 am

About (2k). Hard to predict since the final tax laws aren't revealed until December.

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Re: How much was your Tax Refund (or amount DUE)

Post by bungalow10 » Sun Feb 08, 2015 9:07 am

~$7500 refund on Federal
~$2500 refund on State


Federal will go to ibonds (can we do $7500 as a couple, or is it max of $5k per filing?), State refund will be fun money :) We sold a rental property, DH decided to do the SAHD thing... taxes were difficult to predict this year.

ETA: $5k will go to ibonds. $2500 into the taxable account, I guess.
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