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Mom Confessions Mom Confessions

Do you like giving the government interest free loans?

Anonymous
Posted by Anonymous
  • 137 Replies
5 moms liked this

 I hear so many people who LOVE to get so much money back every year from their tax returns. Um....don't you realize that you are paying in too much during the year, giving the government an interest free loan for the whole year? Wouldn't you rather spend or invest the money yourself during the year? Or are you so bad at saving money yourself that you want the goverment to do it for you? Or you don't know that you can change the amonut withheld?

Yes, I know a lot of you are going to say you have some special situation that you can't help but do it this way. I'm not talking about you. I'm talking about the people who could very easily change the amount they are having withheld from each paycheck.

Posted by Anonymous on Jan. 2, 2013 at 8:04 PM
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Replies (1-10):
TSNDDY
by Ruby Member on Jan. 2, 2013 at 8:06 PM
I wish we did, it sucks owing at tax time.
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Anonymous
by Anonymous 2 on Jan. 2, 2013 at 8:06 PM

A LOT of those big refunds are from EITC.  They used to let you  get that in advance but   changed that. Some are for service members who pay on deployment income and then get that all refunded to them. I am not sure if they can do that differently though-they should be able to....

deepthinker
by on Jan. 2, 2013 at 8:17 PM
9 moms liked this

I rather pay extra then have something change throughout the year, then end up owing at the end of the year. If I file my exact exemptions correctly I usually owe, because if I work overtime or get a bonus my taxable income can change.  If I change to a lower exemption I don't owe, and will get a little something back.  There is not an between exemption I can file that will make me come out perfectly even. I will either owe or get a refund, so I choose to get a refund.

MichLW69
by PackersXLV4 on Jan. 2, 2013 at 8:19 PM
4 moms liked this
If I got it weekly, then I'd spend it. Getting it in one lump sum works for me.
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unspecified42
by on Jan. 2, 2013 at 8:20 PM
2 moms liked this
I'm not great at saving money, and I don't see why it's a bad thing to "give the government an interest free loan." I like getting a decent chunk back.
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Anonymous
by Anonymous 3 on Jan. 2, 2013 at 8:22 PM
How about we don't care. We don't need the extra money during the year and would just end up spending it. We save our refund.
Anonymous
by Anonymous 4 on Jan. 2, 2013 at 8:23 PM

 I do not care about giving the govt. an interest free loan. Also, the small amount of money that I would see in our paychecks if we took the correct exemptions would not get invested/saved. It would just get deposited into our checking for groceries, bills etc like our paychecks do now. Getting the lump sum at the end of the year ensures we have money in savings.

miss_lisa
by on Jan. 2, 2013 at 8:24 PM

We don't have a choice. My husband makes more than double his salary in bonus pay. So I guess we fall into your "special situation" group.

Anonymous
by Anonymous 4 on Jan. 2, 2013 at 8:24 PM

 

Quoting Anonymous:

How about we don't care. We don't need the extra money during the year and would just end up spending it. We save our refund.

 Exactly. I just typed the same thing.

Anonymous
by Anonymous 4 on Jan. 2, 2013 at 8:26 PM

 

Quoting Anonymous:

A LOT of those big refunds are from EITC.  They used to let you  get that in advance but   changed that. Some are for service members who pay on deployment income and then get that all refunded to them. I am not sure if they can do that differently though-they should be able to....

 But not all. We get back between $10,000-$13,000 each year. Some is overpayment, some is having 3 mortgages that we deduct interest from, our rental loses $ each month so we can claim a loss there, 3 kids, etc DH makes about $84,000

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