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      01-30-2012, 12:36 PM   #1
FwdFtl
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Tax Season

Who's owing and who's not?


To start, I'm planning on saving half and getting a samsung LED 65" smart tv with the other half

What are you going to do with your refund?
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      01-30-2012, 01:17 PM   #2
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I'll be looking at a nice fat refund myself. Not sure what to do with it yet...
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      01-30-2012, 01:20 PM   #3
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I have $12k in interest paid this year for my house, which usually puts me in the $2500 to $4000 total refund every year.

I'm setting it aside for mods on the e93 I'll buy in the spring.
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      01-30-2012, 01:22 PM   #4
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Only if college is considered work.
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      01-30-2012, 01:24 PM   #5
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Quote:
Originally Posted by SehrSchnell View Post
WTF is a refund?


april 15th is the saddest day of the year for me, next to tomorrow. i am writing a $12k check to the county coffers today for property taxes. oh well...at least i only pay a 15% effective rate to the IRS.
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      01-30-2012, 01:29 PM   #6
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Only if college is considered work.
Pretty sure tuition is deductible.
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      01-30-2012, 01:46 PM   #7
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Getting a decent return this year. Spending 85% of the year in the middle east helped.
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      01-30-2012, 01:49 PM   #8
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Quote:
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Pretty sure tuition is deductible.
I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.
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      01-30-2012, 01:55 PM   #9
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Quote:
Originally Posted by eaglesfan83 View Post
Getting a decent return this year. Spending 85% of the year in the middle east helped.
Please explain.


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Originally Posted by CollinsE90 View Post
I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.
Yea, just for having to pay for school (grants and loans included) you can get back around $1k - 2k. I'm not sure of the details but there's definitely some type of refund you can get.
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      01-30-2012, 02:00 PM   #10
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Quote:
Originally Posted by The Ghost of Tom Joad View Post


april 15th is the saddest day of the year for me, next to tomorrow. i am writing a $12k check to the county coffers today for property taxes. oh well...at least i only pay a 15% effective rate to the IRS.
Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually
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      01-30-2012, 02:01 PM   #11
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Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.
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      01-30-2012, 02:03 PM   #12
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Quote:
Originally Posted by SehrSchnell View Post
WTF is a refund?
Ditto!!
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      01-30-2012, 02:03 PM   #13
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Quote:
Originally Posted by FwdFtl View Post
Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually
well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.
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      01-30-2012, 02:07 PM   #14
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Quote:
Originally Posted by CollinsE90 View Post
Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.
This might be too much, but I'm pretty sure this is what I got a couple years ago. CPA's?

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to have a limited life span: it will be available only for the years 2009 through 2012, unless Congress decides to extend the credit to other years.

Details of the new American Opportunity Credit
The credit is worth up to $2,500 on the first $4,000 of qualifying educational expenses, which include course materials as well as tuition. The American Opportunity credit applies to all four years of undergraduate college education. The credit is gradually reduced (or "phased out") for income from $80,000 to $90,000 (or $160,000 to $180,00 for joint filers). The tax credit is not available for people with incomes above the phase out range.


Quote:
Originally Posted by The Ghost of Tom Joad View Post
well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.
you win.
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      01-30-2012, 02:08 PM   #15
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Quote:
Originally Posted by The Ghost of Tom Joad View Post
well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.
I pay estimated at the end of each quarter to eliminate some of the "Ouch" on April 15th, but I get exactly what you're talking about.
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      01-30-2012, 02:14 PM   #16
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Quote:
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I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.
Knowledge is power!
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      01-30-2012, 02:16 PM   #17
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Quote:
Originally Posted by CollinsE90 View Post
Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.
http://www.irs.gov/taxtopics/tc457.html
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      01-30-2012, 02:17 PM   #18
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Please explain.
He was probably deployed for most of the last tax year.
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      01-30-2012, 02:24 PM   #19
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Quote:
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I pay estimated at the end of each quarter to eliminate some of the "Ouch" on April 15th, but I get exactly what you're talking about.
i pay in some every quarter, but i definitely underpay by 1040ES payments by a large margin. my dividend payouts can vary drastically every year and i hate paying in more than i'll owe, so i underpay and make up for it on 4/15. i pay just enough in the reduce my penalties to a negligible level.
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      01-30-2012, 02:37 PM   #20
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Quote:
Originally Posted by FwdFtl View Post
Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually
If that's true he's they had better get ready for an audit and lots of interest and penalties.

They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.

I haven't seen a refund since 1999.

BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.
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      01-30-2012, 02:59 PM   #21
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Originally Posted by MP0WER View Post
If that's true he's they had better get ready for an audit and lots of interest and penalties.

They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.

I haven't seen a refund since 1999.

BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.
I'm not too familiar with taxation and all, but one is director of IT for Avery Dennison (the label makers) and the other has businesses and investments. I just heard him mention this once and thought that was a lot of dough, but never knew the details.

Don't want to cross into the political realm, so I'll hold my views about paying taxes
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      01-30-2012, 03:29 PM   #22
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Quote:
Originally Posted by FwdFtl View Post
Please explain.




Yea, just for having to pay for school (grants and loans included) you can get back around $1k - 2k. I'm not sure of the details but there's definitely some type of refund you can get.
Worked in a tax free zone for 9 months so only made 18k taxable income the 3 months i was in the US and paid 4k in taxes, so I am getting most of that back since I fall in the lowest bracket according to the government.
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