Any time extra money appears in your bank account, it's generally a good day. While I'm an advocate of trying to receive as little of a tax refund possible by properly adjusting your W-4, many of you have said you consider your tax return as automatic savings. My return this year won't be anything to write home about, so I'm wondering, what do you have in store for your tax return?
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I'm Asking: What Plans Do You Have For Your Tax Return?
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I think I owe taxes this year as I sold some mutual fund shares, but if I were to get a refund, it would be promptly deposted in my savings.
1I'm using mine to pay down some credit cards but can't decide if it's smarter to pay off (in full) a couple of the smaller balance credit cards I have OR make a hefty payment on a high balance credit card I have. Another option would be paying my car insurance premium in full since it was just renewed, that way it's a monthly bill I won't have to worry about for some time... but I'm not sure if that's smart either! Anyone have useful advice?
2Since I collected unemployment for a few months and they didn't take out taxes I owe the state $206 and will be getting $286 from federal, so in the end I only get $80. Usually I get HUGE refunds, yet again I've been screwed...
3Brandi13jrm, apply your return to whatever carries the highest interest. Check your insurance, as they too may be charging 1% a month, which stacks up big by the end of the year.
4I'm not sure how much my husband and I are going to get back yet, but hopefully enough to get a new couch... the futon we've been using is getting ridiculously uncomfortable.
5Paying more on the stupid mortgage. . . . We're trying to pay the house off in 3 years, and it'll be nice to have it paid off, but I kind of wish I could enjoy the tax return rather than just giving to the bank!
6Like always it will probably all go to paying off other bills
7I'll probably try to put it into savings or put it towards one of a few big-ticket items I need. (a new computer, a down payment on a car, a new tv) It won't be much this year, though, just a few hundred dollars.
8I will be receiving a tiny bit, and I don't expect to make an adjustment to lifestyle with it.
9I did until the government decided to keep the entire refund amount. iT sucks that they took my Federal refund without considering my current employment or health status but eh at least my student loan is now $2000 bucks less than it was two weeks ago.
I'm considering not filing at all next year or the years after that. Hey they didn't throw Daschle in jail or go after him for not paying or declaring earned income so there's precedent.
10I'm going to pay off my credit card and put the rest in savings.
11Now the stimulus! That's a different story. I'm going shopping!
12Probably half will be going onto my credit card (whichever one I'm still paying off - I'm doing the snowball method: http://en.wikipedia.org/wiki/Debt-snowball_method). Hopefully by the time I get my refund, I'll be done with my best buy card (putting in $50 from each paycheck (2/mo) on a $600 debt) and can move onto my bigger card. The other half will go into savings because I have a couple trips I'm going on this year. Or, if savings is decent, it'll go towards more on my student loan.
13We usually don't get a refund, but this year we'll be taking the tax credit for new homeowners so we'll get a substantial chunk. My husband wants to put it all into home improvements; I think we should save some for a rainy day. We'll probably do a mix.
14I would like to take a vacation, but it will probably go for a new roof. Ah, the joys of home ownership
We get a sizable refund because we pay an incredible amount of mortgage and student loan interest every year.
15I already put half of it in savings and the rest is going towards my miami vacation hubby bought me tickets for.
No hubby, no kids, loads of fun with family and friends!
16My refund isn't large enough to go crazy with. I'll probably just pay some bills and call it a day.
17i'm paying off my credit card!!! i'm so excited, i will be completely out of credit card debt within a week or two!!!!!! with the rest i think i'm just going to put in my new ing savings account, although i probably should apply it towards one of my student loans.
18I don't know how much I'm getting back yet. More than likely, it'll go into savings as always though.
19I'm assuming you mean tax refund, because I'm planning on filing my tax return!
20I'm still trying to figure out if "New York res" in my locality box counts as "City of New York" ... because that would be one freaking huge refund.
21Our refund will be going towards my husbands massive student loans (med school). It's crazy to get the 1098-E and see that we paid >$15K in student loan interest this year!
22New appliances.
23Our stupid TV died this week, so part of our refund is going to buy a new flat screen TV. I'm partially excited, but partially bummed that we have to shell out for a new TV. The rest of the refund is going towards closing costs on refinancing our mortgage. We're going to 10 year term so we can get lower interest and pay the house off faster. We're planning on paying the whole thing off in 5 years so we can save for a bigger place.
24aimee, how are you getting screwed?
25Back into the bank to ultimately pay for wedding stuff.
26Totally paying off my credit card bill. I'm on a mission to become debt free!
27Totally paying off my credit card bill. I'm on a mission to become debt free!
28My husband and I plan on installing granite in our kitchen.
29We're going to put half in our savings, and the other half will probably be used to pay off my car.
30i should be able to pay off the credit card and won't be carrying a balance any time soon!!
31I'm dividing it into 3 parts: Credit Card, Savings and ME!
32I love refunds! =D
I'm getting a very nice refund and every cent of it is going to pay off medical bills. I don't get to enjoy any of the cash or go on vacation - BLAH!
33I am going to use it as a cushion and spend it wisely on every day living until I find a job and while I care for my mom who is ill.
34Nice, new, BIG (probably all-clad) skillet and savings.
35Savings, some parts to cobble together a slightly newer desktop, that's about it...
36Maybe hardwood floors or something. I don't know. We have everything we need and most of the things we want.
37pay off student loan.
38I am going to put a dent in my medical bills.
39I am going to pay bills, save a couple of hundred dollars and buy some spring clothes.
40I have electrical work to do to my house.. that is probably where it will go. Any left over will go toward our new couch!
41paying off some debt. that's all that i can ever hope to do if i get $$. the hard thing is that my fiance has been out of work since june and now he's 100% tapped out and i don't make enough $$ to pay for everything...so we're struggling.
42Our motorcycle was stolen, and has a lot of damages to it, so even though we are getting restitution from the little jit who stole it, probably all of our refund will have to go to that. Since it was stolen we have had to push back our move across country for 5 months, which means we have also lost a semester of school. Unfortunately we just can't leave it.
So, to get it back as fast as we can, all of our extra money goes to that.
43I wish I had a tax refund... sigh. I owe this year.
44I'm going to use it to finance my move - I don't have any credit cards, so I'm pretty much excited for my refund!
45We are getting that first time home buyers credit so i am so excited. We are going to do work to our house, replace the windows, new garage door, finish the upstairs, hopefully.
46i paid off my credit card last year while i was unemployed (i'm amazed that i was able to pull that off), so thankfully i've got no more "bad debt" to pay off. my refund will probably go straight into savings, in preparation for my wedding next year, but i'm thinking about maybe putting half of it toward my student loans.
47all to pay off student loans.....*sigh
48Going towards our new air conditioner debt and new fixtures for the bathrooms. Woo.
49honestly I want to pay off my credit cards but I dont know if I will. Since I am not going anywhere for Spring Break this year, that might actually be possible to save some change. I need to get my numbers in order!
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