2007 Tax Returns

[D-Dogg]

yeah - you need to be careful

i recommend spending a good portion of money on a tax professional so you can file the most appropriate return and take all the deductions you are entitled to

because god forbid you may mistate the amount a little bit given the impossible to understand nature of the tax code - in which case the gov't will send their highly paid audit team to torture you for hours on end, put you through additional expense and kill your production time as an IC

at the end of this lengthy process they may determine you owe a few hundred dollars more

not that I hate the IRS and income taxes or anything.........

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I can't even imagine who you are voting for.



I haven't got my 1099 or my w2s yet.

HURRY UP!!! I have 5 digit medical expenses to claim!!!

 

[dreamcastrocks]

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I can't even imagine who you are voting for.



I haven't got my 1099 or my w2s yet.

HURRY UP!!! I have 5 digit medical expenses to claim!!!

Tell me about it. I would have filed yesterday if I had my W2's.

 

[former user 1]

I'm getting back a total of $1560.15 ... after a $90 Turbo Tax fee. Thank God I didn't file before I got a 1098-T from my college or I would have only received about $500.

The only sucky part is having to wait until February 11th for my return to be processed because I am receiving a Hope Credit because of school. Then it's 9-14 days after that until the money is deposited into my account. That's cool ... it gives me a month to look for an apartment!

 

[thirty-two]

I'm getting back a total of $1560.15 ... after a $90 Turbo Tax fee. Thank God I didn't file before I got a 1098-T from my college or I would have only received about $500.

The only sucky part is having to wait until February 11th for my return to be processed because I am receiving a Hope Credit because of school. Then it's 9-14 days after that until the money is deposited into my account. That's cool ... it gives me a month to look for an apartment!

NICE!!!

I paid almost 3k in student loan interest, so I am expecting a decent return this year. I did an unofficial return on turbo tax to give me an idea, and I'm definitely getting a nice return. I meet with my accountant on Saturday.

Yay direct deposit!

 

[former user 1]

I thought that I paid more in interest than my paper says I have but I guess I haven't. Thankfully, my student loan payments are relatively low ... only about $63.00/month. I don't owe that much either, I believe my balance is only about $4k. I'll get it paid off eventually. My main goal is to make sure that it's paid on time.

Then it'll be onto the next student loan totaling about 20k ...

 

[nathan]

I'm getting back a total of $1560.15 ... after a $90 Turbo Tax fee. Thank God I didn't file before I got a 1098-T from my college or I would have only received about $500.

If you had asked me I could have given you a pirated copy for free (if anyone else needs it you can send me a PM). I did my return by hand first, but was afraid I made a mistake, so I reentered everything in Turbo Tax to check my math.

 

[Beaver]

Return of $700. Saved by school loan interest.

 

[former user 1]

Whoo hoo! $700 ain't no chump change.

 

[Russ Smith]

1100 fed 200 state.

As mentioned in another thread downloading direct from Etrade to Turbotax produced 2 large errors. I had to get my sister to figure it out(she works in stock administration). With the error I was getting back $800 less than I should have!

Etrade is absolutely terrible with taxes they said they only account for when you sell, it's up to you to account for when you buy. I had 2500 in a mutual fund that when it hit 2800 I pulled it out(the market was tanking) and put it into a CD(also with Etrade). They record this as a sale with 2800 profit and no taxes paid! The actual profit was 300 and not all in this year since I bought the fund in 2006.

My other sale was company restricted stock. When it vests they automatically take the taxes out of your paycheck, $188 for me so I sold
the stock to cover the tax, $438. Etrade records it as $438 gain no taxes paid even though they knew the company was automatically taking the tax out of our paychecks.

Delayed my filing by over a week so I probably won't get my refund in time to take the money on my trip to Australia, I'll have to withdraw it from an ATM when I'm there.

 

[Linderbee]

1100 fed 200 state.


Delayed my filing by over a week so I probably won't get my refund in time to take the money on my trip to Australia, I'll have to withdraw it from an ATM when I'm there.

Oh, if only I had such "problems"!

 

[Russ Smith]

Oh, if only I had such "problems"!

yes I realize I'm whining right before a trip of a lifetime but my tax return was supposed to be the source of my trip cash so now I am going to end up charging more on credit.

I've got my fingers crossed the 10-14 days to get a refund if it's 10 I'll have it in time.

 

[Linderbee]

yes I realize I'm whining right before a trip of a lifetime but my tax return was supposed to be the source of my trip cash so now I am going to end up charging more on credit.

I've got my fingers crossed the 10-14 days to get a refund if it's 10 I'll have it in time.

I was just giving you a hard time I hope it gets here before you go. I'm betting it does; you've filed very early (as I always have done) and I get mine back very quickly.

 

[Shane]

Just got mine back. Looks like 2768 back. Nice chunk. Ill take it.

 

[Zeno]

My wife and I's combined return is for around $3200..we don't pay state taxes in TN.

Its pretty good considering we don't have any kids to write off but less than we got back last year.

 

[Linderbee]

I still haven't received my 1099. Kind of pisses me off. Had to ask for it the other day; I should be getting it this week sometime.

 

[Bada0Bing]

I had a nice severance package from my old job that I think bumped me up into Shane's tax bracket.

They taxed it pretty heavy though, so we got back about $5,500 a few days ago. Actually got a $283 refund for state too, and we always have to pay state.

 

[thirty-two]

Getting back 1,507 in total. This is SO going to help with my debts. YAY!

 

[CardLogic]

To those getting large returns:

How does it feel lending the government your money interest free for most of the year?

 

[dreamcastrocks]

To those getting large returns:

How does it feel lending the government your money interest free for most of the year?

I get that question asked every year. When I was married, it was great. My wife would not allow us to keep anything in savings, so interest free savings is better than no savings.

 

[jw7]

To those getting large returns:

How does it feel lending the government your money interest free for most of the year?

It is near impossible to predict your overall tax situation a year in advance. You just don't know if you are going to get a raise or get fired or how your investments will do.

IMO, it is much better to err on the side of caution and get a refund than to suddenly find yourself having to write a 4-figure check to the government in a lump-sum.

Agree in theory, but practically, if the situation was reversed and you owe the government $1000 in underpayments, you just took them for about $34 in free money. Whoop-de-frackin' do!

 

[thirty-two]

I would rather get a large return than have to pay. I don't care about the math. It's a psychological thing of actually getting a decent chunk of change that makes it worth it.

 

[CardLogic]

It is near impossible to predict your overall tax situation a year in advance. You just don't know if you are going to get a raise or get fired or how your investments will do.

I was speaking about people who seem to think it is great to get a big refund check.

Personally, I would rather have that money in my pocket or bank account.

Regarding prediction of earnings, my income has seen periods of flucuation same as most everyone. However, the most I have ever paid or received as a result of "year-end" tax filing was under $1500. (30+ years)

My typical variance is a few hundred dollars, either payment or refund.

Btw, if someone does experience a significant change in amount of income, or tax status during the year, they can at anytime and as often as desired change the amout of their withholding by submitting a new W-4 form.

 

[MigratingOsprey]

cardlogic - as a finance and economics guy - it still feels great

i know the theory is that you take the extra money per month and either invest it and gain interest for yourself or use it to pay down debt therefore avoiding interest accumulation

however, it's also wise to know yourself and your situation - I can use this lump sum each year to make either a large purchase or pay down a lump sum of some legacy debt or just invest it from there

i also know mine and my wifes habits well enough to know that the extra money each month would probably be spent here and there leaving only a little bit extra to go into an account

 

[dreamcastrocks]

cardlogic - as a finance and economics guy - it still feels great

i know the theory is that you take the extra money per month and either invest it and gain interest for yourself or use it to pay down debt therefore avoiding interest accumulation

however, it's also wise to know yourself and your situation - I can use this lump sum each year to make either a large purchase or pay down a lump sum of some legacy debt or just invest it from there

i also know mine and my wifes habits well enough to know that the extra money each month would probably be spent here and there leaving only a little bit extra to go into an account