What so you do with your tax refund? (1 Viewer)

[ghostguy123]

For those that actually do get a refund and purposely pay more during the year to make sure you do get a refund (myself included), what do you do when you get that long awaited refund?

There is the group of people that look at the numbers, while removing the human element, and say that a refund is an interest free loan that you provide for the government.  

There are those that view it as forced savings and/or to make sure you don't owe anything at tax time.  

For those in that 2nd group, what do you do with the refund?  Savings?  H & B? Vacation fund?  A few nights out on the town?

Just trying to gauge whether maybe it would be better or more fun to blow that little extra throughout the year, or blow it all at once at refund time.  I prefer refund time 

 

[Murph]

I'm getting a small amount back this year because I changed jobs and got boned on the withholding when they cashed out my vacation days. Just gonna throw it on the pile.

 

[Leroy Hoard]

2 words. More wheat pennies.

 

[Bonfire]

If you regularly intentionally over pay to get a refund...you're doing it wrong.

 

[RC94]

I prefer to not give the IRS an interest free loan so I probably won't get a refund.  If I do, it will be minimal.

 

[Clown Car]

Our refund is due to the child tax credit, obviously. So we sort of feel guilty about it. We try to use it to also help others with it. It mostly goes to the orthodontist though. But she’s an independent, local,  business person, right? 

 

[MAC_32]

If you regularly intentionally over pay to get a refund...you're doing it wrong.

If I weren't married then I'd agree.  I am though.  And if more money hit our checking account each month then we (**cough**) would spend more.  Less money hitting the account throughout the year leads to less spending.  Then use the refund towards an anticipated one-time expense - down payment for a car, new cabinets/counters, etc.

 

[wilked]

throw it in the pile.  No different than a paycheck

 

[Cjw_55106]

Usually just goes into the general fund, giving me more of a cushion for a little while. Or, buy bigger ticket items like car tires. The only thing it consistently is used for is the kids spring sports fees and my fantasy leagues. 

 

[Mad Cow]

2 words. More wheat pennies.

That is 3 words.

 

[Bull Dozier]

They've been getting smaller over the years, not sure why.  Maybe they just seem smaller because they aren't as big of a deal anymore, I'm not sure.  Anyway, we normally either pay down bills, or do something special (vacation).  This year, if we get one, we'll be putting it towards a home improvement project (taking out our pool, re-doing the back yard).  Regardless of what we get it will just put a dent into that bill.

 

[ChiefD]

For a long time when my wife and I didn't have a pot to piss in it would pay for our family vacation each June. It was hard for us to save money back then, so we kept it that way because we knew no matter what we would be able to enjoy some time away as a family.

Now that we are lower middle class we spend it on the crisis of the day.

 

[Leroy Hoard]

That is 3 words.

2 pennies for your thought.

 

[Mad Cow]

2 pennies for your thought.

What do I look like, a cheap floosie?  Make it 3 wheat pennies and you can have it.

 

[tommyGunZ]

In previous years, treated it the same way we treat our annual bonus: 80% for debt reduction, 20% for fun and/or housing improvements.  

This year, -$200 due to Trump screwing blue states. #### you Trump.  

 

[bucksoh]

Should be getting close to $14,000 back so just going to put it in the bank.

 

[Chemical X]

refund?

 

[Ignoramus]

We put most of it in the IRA to reduce the prior year's tax liability.

 

[DallasDMac]

I also aim for zero. But any year we get a refund, it just goes in the bank. We are fortunate to be in a position where we simply don't need to use it for anything in particular.

 

[matuski]

If you regularly intentionally over pay to get a refund...you're doing it wrong.

A lot of assumptions necessary to make this claim.

 

[matuski]

I prefer to not give the IRS an interest free loan so I probably won't get a refund.  If I do, it will be minimal.

So what do you waste those few dollars you probably didn't earn in interest on that small amount of money you didnt loan the IRS on?

 

[Ignoramus]

So what do you waste those few dollars you probably didn't earn in interest on that small amount of money you didnt loan the IRS on?

Probably reinvested that $12.85 of interest for another $0.0042 gain.

 

[bigmarc27]

Either pay something off or throw it in savings normally. A couple of years ago we made the last two payments on a car, one time we paid off the last handful of months of my wife’s student loan. Something like that. 

 

[bicycle_seat_sniffer]

Lots of trailer park trumpers are gonna be pissed this year......

 

[DJackson10]

For those that actually do get a refund and purposely pay more during the year to make sure you do get a refund (myself included), what do you do when you get that long awaited refund?

There is the group of people that look at the numbers, while removing the human element, and say that a refund is an interest free loan that you provide for the government.  

There are those that view it as forced savings and/or to make sure you don't owe anything at tax time.  

For those in that 2nd group, what do you do with the refund?  Savings?  H & B? Vacation fund?  A few nights out on the town?

Just trying to gauge whether maybe it would be better or more fun to blow that little extra throughout the year, or blow it all at once at refund time.  I prefer refund time 

I live at home still but I usually am able to pay off my dad 3 months of rent possible 4 depending on what I get back. I did use my one tax refund the one year to get my PS4. 

 

[The General]

Lots of trailer park trumpers are gonna be pissed this year......

Hillary up to her dirty tricks.

 

[The General]

I go to Reno or Vegas with old friends for March Madness. This usually gets invested there. 

 

[Slapdash]

refund?

 

[-OZ-]

Our refund is due to the child tax credit, obviously. So we sort of feel guilty about it. We try to use it to also help others with it. It mostly goes to the orthodontist though. But she’s an independent, local,  business person, right? 

Good call

We will get around $7,000 back this year, mostly because of kids and the adoption tax credit. Most years we put it straight into my Roth IRA, this year it will top off my car fund. 

 

[xulf]

Usually hope it pays for spring break with the kids...that we already paid for.

 

[The Man With No Name]

Haven't even filed my 2017 yet. Will get some money from that. I'll get to it sometime. And probably this years (2018) too. 
Don't need it yet but planning expensive vacationing in August-September so will likely get them in by then even though I
now have the bucks to take off and go away for quite a while.

It will just add to my bank account

 

[Arizona Ron]

I think that last refund I got was when GW was in office. 

 

[DallasDMac]

I think that last refund I got was when GW was in office. 

George Washington?? You wear your age well.