How much was your Tax Refund (or amount DUE)

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Topic Author
Makaveli
Posts: 970
Joined: Mon May 19, 2014 11:18 pm

How much was your Tax Refund (or amount DUE)

Post by Makaveli »

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
Posts: 8221
Joined: Sun Mar 04, 2007 7:38 pm
Location: Florida

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

Post by Gill »

Your premise is wrong for many of us. My objective is to pay as little as possible no earlier than required.
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
Topic Author
Makaveli
Posts: 970
Joined: Mon May 19, 2014 11:18 pm

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

Post by Makaveli »

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.
Gill
Posts: 8221
Joined: Sun Mar 04, 2007 7:38 pm
Location: Florida

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

Post by Gill »

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
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
livesoft
Posts: 85971
Joined: Thu Mar 01, 2007 7:00 pm

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

Post by livesoft »

I think some folks like a big refund so that they can buy I-bonds with that money.
Wiki This signature message sponsored by sscritic: Learn to fish.
Gill
Posts: 8221
Joined: Sun Mar 04, 2007 7:38 pm
Location: Florida

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

Post by Gill »

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
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
User avatar
Toons
Posts: 14459
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

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

Post by Toons »

No refund :happy
Part of the investing equation is making money and paying taxes :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
ThankYouJack
Posts: 5704
Joined: Wed Oct 08, 2014 7:27 pm

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

Post by ThankYouJack »

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
User avatar
Rainier
Posts: 1733
Joined: Thu Jun 14, 2012 5:59 am

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

Post by Rainier »

$395 federal refund, $390 due state.
User avatar
leonidas
Posts: 487
Joined: Sun Jul 10, 2011 8:58 am
Location: Mansfield Township, NJ

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

Post by leonidas »

I owe about 258 dollars this year to the Feds. Still haven't finished my states (NY,NJ).
Topic Author
Makaveli
Posts: 970
Joined: Mon May 19, 2014 11:18 pm

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

Post by Makaveli »

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
Posts: 76
Joined: Wed Aug 13, 2014 1:47 am

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

Post by avidsaver »

$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 :/.
tomd37
Posts: 4097
Joined: Thu Mar 01, 2007 9:39 pm
Location: Middle Tennessee

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

Post by tomd37 »

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.
Tom D.
mistike
Posts: 84
Joined: Wed Jan 21, 2015 2:25 pm

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

Post by mistike »

$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
Gill
Posts: 8221
Joined: Sun Mar 04, 2007 7:38 pm
Location: Florida

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

Post by Gill »

mistike wrote:$815 Federal and $899 state, thanks to my employer overtaxing our bonus every year.
They don't have any choice.
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
Louis Winthorpe III
Posts: 780
Joined: Sat Jun 15, 2013 11:17 pm

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

Post by Louis Winthorpe III »

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?
Ostentatious
Posts: 338
Joined: Fri Aug 15, 2014 6:34 pm

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

Post by Ostentatious »

18K - (due to adoption credit).
mistike
Posts: 84
Joined: Wed Jan 21, 2015 2:25 pm

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

Post by mistike »

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.
User avatar
Ketawa
Posts: 2521
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

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

Post by Ketawa »

$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.
madbrain
Posts: 6507
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

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

Post by madbrain »

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.
Gill
Posts: 8221
Joined: Sun Mar 04, 2007 7:38 pm
Location: Florida

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

Post by Gill »

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
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
User avatar
midareff
Posts: 7711
Joined: Mon Nov 29, 2010 9:43 am
Location: Biscayne Bay, South Florida

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

Post by midareff »

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.
angelescrest
Posts: 1728
Joined: Tue May 27, 2008 10:48 am
Location: West Coast

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

Post by angelescrest »

Looking like about 7k federal and 2.5k state. Due to unusual circumstances, will never happen again.
Sconie
Posts: 970
Joined: Sun Feb 07, 2010 9:23 am
Location: Arizona

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

Post by Sconie »

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.
I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant. - Alan Greenspan
TexasTeacher
Posts: 16
Joined: Sat Jul 19, 2014 10:07 pm

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

Post by TexasTeacher »

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

All straight to our emergency fund.
The Wizard
Posts: 13356
Joined: Tue Mar 23, 2010 1:45 pm
Location: Reading, MA

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

Post by The Wizard »

$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...
Attempted new signature...
Topic Author
Makaveli
Posts: 970
Joined: Mon May 19, 2014 11:18 pm

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

Post by Makaveli »

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.
Topic Author
Makaveli
Posts: 970
Joined: Mon May 19, 2014 11:18 pm

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

Post by Makaveli »

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?
User avatar
Toons
Posts: 14459
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

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

Post by Toons »

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
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Sidney
Posts: 6784
Joined: Thu Mar 08, 2007 5:06 pm

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

Post by Sidney »

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.
I always wanted to be a procrastinator.
texasdiver
Posts: 3935
Joined: Thu Jun 25, 2009 12:50 am
Location: Vancouver WA

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

Post by texasdiver »

$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.
livesoft
Posts: 85971
Joined: Thu Mar 01, 2007 7:00 pm

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

Post by livesoft »

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.
Wiki This signature message sponsored by sscritic: Learn to fish.
WhiskeyJ
Posts: 128
Joined: Sun Apr 24, 2011 10:27 pm

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

Post by WhiskeyJ »

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.
User avatar
fishnskiguy
Posts: 2635
Joined: Tue Feb 27, 2007 12:27 pm
Location: Castle Rock, CO

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

Post by fishnskiguy »

$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.

Chris
Trident D-5 SLBM- "When you care enough to send the very best."
User avatar
Hayden
Posts: 1526
Joined: Tue Apr 16, 2013 5:13 pm

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

Post by Hayden »

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.
mnsportsgeek
Posts: 555
Joined: Mon Jan 19, 2015 12:39 pm

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

Post by mnsportsgeek »

$3000 refund.

Oops. lol. Looks like the new car fund got some help.
jebmke
Posts: 25271
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

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

Post by jebmke »

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.
Stay hydrated; don't sweat the small stuff
User avatar
Kenkat
Posts: 9539
Joined: Thu Mar 01, 2007 10:18 am
Location: Cincinnati, OH

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

Post by Kenkat »

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.
TheEternalVortex
Posts: 2576
Joined: Tue Feb 27, 2007 8:17 pm
Location: San Jose, CA

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

Post by TheEternalVortex »

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.
Caduceus
Posts: 3526
Joined: Mon Sep 17, 2012 1:47 am

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

Post by Caduceus »

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.
OutInThirteen
Posts: 381
Joined: Thu Mar 14, 2013 2:11 pm

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

Post by OutInThirteen »

Amount due when I file my return on April 15 will equal (almost to the dollar) 10% of my tax liability.
Runner01
Posts: 291
Joined: Thu Dec 12, 2013 6:14 pm

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

Post by Runner01 »

$65 refund this year.
User avatar
pennstater2005
Posts: 2509
Joined: Wed Apr 11, 2012 8:50 pm

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

Post by pennstater2005 »

$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.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson
Alan S.
Posts: 12629
Joined: Mon May 16, 2011 6:07 pm
Location: Prescott, AZ

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

Post by Alan S. »

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.
User avatar
House Blend
Posts: 4877
Joined: Fri May 04, 2007 1:02 pm

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

Post by House Blend »

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.
rayout
Posts: 368
Joined: Tue May 19, 2009 11:30 am

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

Post by rayout »

I will owe about $1K each to the feds and IL.
User avatar
ray.james
Posts: 1902
Joined: Tue Jul 19, 2011 4:08 am

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

Post by ray.james »

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.
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939
Impromptu
Posts: 406
Joined: Mon Nov 03, 2014 9:09 pm

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

Post by Impromptu »

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.
I'll gladly pay you Tuesday for a hamburger today.
basspond
Posts: 1500
Joined: Wed Nov 27, 2013 3:01 am

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

Post by basspond »

About (2k). Hard to predict since the final tax laws aren't revealed until December.
bungalow10
Posts: 2311
Joined: Sat Apr 09, 2011 6:28 am
Location: Chicago North Shore

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

Post by bungalow10 »

~$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.
An elephant for a dime is only a good deal if you need an elephant and have a dime.
Post Reply