Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Anyone thankful this year they gave the gov an "interest free loan" in 2008?
Old 03-31-2009, 05:18 PM   #1
Recycles dryer sheets
 
Join Date: Feb 2009
Location: Canada
Posts: 81
Anyone thankful this year they gave the gov an "interest free loan" in 2008?

What I mean is, is anyone else happy that the government had an interest free loan from them? I ask because although the money I'm getting back for my tax return is just my money that I overpaid them (what I mean by interest free loan), had I had that money all along in 2008 I probably would've invested it into the stock market and lost 30%.

So maybe we should all thank the government for holding our money safely for us?

(BTW this is more of a joke post, but I found it an interesting thought)
__________________

__________________
schmidtjas is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-31-2009, 05:24 PM   #2
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 295
Well, if we get anymore than what is equal to 1 exemption? We Used to increase our Exemptions the following yr..while we were working..

Not sure if you can still get away with that anymore..
__________________

__________________
Dennis is offline   Reply With Quote
Old 03-31-2009, 05:28 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Aren't I doing that when I buy Treasuries these days?
__________________
Gone4Good is offline   Reply With Quote
Old 03-31-2009, 05:54 PM   #4
Moderator Emeritus
CuppaJoe's Avatar
 
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,866
I thought about revising my 2008 withholding but didn't want to tip off my employer that I was leaving in Aug. So, yes, the gov. saved me from some losses. The refund is equivalent to slightly more than one month's PF withdrawal, so with some frugalities I may be able to come in under 4% in '09, goal is 3.5% which is doable as long as the creek don't rise or the teeth don't abscess. That extra .5% could be a reserve for myself, hopefully with some growth or interest. Now, tell me again, how do we make cash grow?
__________________
CuppaJoe is offline   Reply With Quote
Anyone thankful this year they gave the gov an "interest free loan" in 2008?
Old 03-31-2009, 06:42 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,434
Anyone thankful this year they gave the gov an "interest free loan" in 2008?

Normally I would not be happy overpaying this much, but my refund will come in handy. Worked on the tax return this afternoon and I will get 4k back on federal and will pay $300 on state. Lowering my 2009 estimates to get closer to a break even point.

But the refund will come in handy for my upcoming Cancun trip. Pay for a few med's this year too.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 03-31-2009, 06:42 PM   #6
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,036
At least the Feds are giving me back the money I overpaid last year.

My state doesn't have the money to refund what I overpaid (yet). From what I gather, state leaders do not feel the need to hurry and send me my refund check because they apparently have more important things to do with money "borrowed" from taxpayers at 0%. They are taking unbelievable liberties with money which doesn't belong to them in the first place IMO.
__________________
FIREd is online now   Reply With Quote
Old 03-31-2009, 06:47 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
DH and I are getting a pretty good refund this year. Mainly 'cause this was my 1st year FIRE'ed and we hand lots of other changes. Normally, I prefer to owe the biggest amount possible without a penalty so the guvment gives me a loan. Even so, lookin' forward to the refund. We might just go crazy and stimulate the economy
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 03-31-2009, 07:35 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
refund? 1/4ly payments here and typically a nice stout additional contribution to Truth, Justice and The American Way! each April 15th.
__________________
calmloki is offline   Reply With Quote
Old 04-01-2009, 07:53 AM   #9
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Our refund was all earned income credit (~5k) ... can't seem to get the feds to pay me any earlier.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 04-01-2009, 08:17 AM   #10
Recycles dryer sheets
shotgunner's Avatar
 
Join Date: Jun 2008
Posts: 454
In this case I was happy since my return was based on two things I could not have planned for, which was expected capital gain distributions not materializing and taking a capital loss late in the year by Tax Loss Harvesting.
__________________
Never surrender what you really want for what you want right now.
shotgunner is offline   Reply With Quote
Old 04-01-2009, 08:32 AM   #11
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,424
Quote:
Originally Posted by schmidtjas View Post
What I mean is, is anyone else happy that the government had an interest free loan from them? I ask because although the money I'm getting back for my tax return is just my money that I overpaid them (what I mean by interest free loan), had I had that money all along in 2008 I probably would've invested it into the stock market and lost 30%.

So maybe we should all thank the government for holding our money safely for us?

(BTW this is more of a joke post, but I found it an interesting thought)
Happy? Yeah. The only thing worse than having a lousy portfolio year would be to have the negative portfolio but still pay taxes.
Kinda like '01 with freefalling NAVS but high distributions.
__________________
MichaelB is offline   Reply With Quote
Old 04-02-2009, 12:56 AM   #12
Recycles dryer sheets
Lawrence of Suburbia's Avatar
 
Join Date: Mar 2009
Location: Newcastle, WA
Posts: 110
That fact that I got an unexpected $2k back this year, is merely an indication of how much less dividend income I got.

I'd left my witholding calibrated for 2007 - good times.

Of course, I'm doing what any sensible person would do with such a windfall - I'm going to Mexico, baby!! Goodbye, earthly cares; hello, jello shots at Senor Frog's!!

(Just kidding, I'm too old for the Frog's. I'll be drinking spice coffee at Las Palomas on the Malecon.)
__________________
Don't just do something; stand there!

- Jack Bogle
Lawrence of Suburbia is offline   Reply With Quote
Old 04-02-2009, 06:37 AM   #13
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
$9K Refund this year - due to SS Mulligan and reflects taxes paid on SS benefits from 2004-2007. Usually, I owe between $0 & $50 at tax filing day.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 04-02-2009, 08:21 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,434
Quote:
Originally Posted by Lawrence of Suburbia View Post
That fact that I got an unexpected $2k back this year, is merely an indication of how much less dividend income I got.

I'd left my witholding calibrated for 2007 - good times.

Of course, I'm doing what any sensible person would do with such a windfall - I'm going to Mexico, baby!! Goodbye, earthly cares; hello, jello shots at Senor Frog's!!

(Just kidding, I'm too old for the Frog's. I'll be drinking spice coffee at Las Palomas on the Malecon.)
Don't drink the water.
__________________

__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Interest payments *increase* year-to-year on a fixed loan?? CompoundInterestFan FIRE and Money 10 02-29-2008 12:05 PM
Investigation of "free lunch seminars" reveals fraud brewer12345 FIRE and Money 24 09-12-2007 03:34 PM
Gave away another "Work Less, Live More" Nords Young Dreamers 7 04-27-2007 04:32 PM
Special 125% "Freedom Loan": 2 points and 13.653% APR calmloki FIRE and Money 40 04-13-2007 08:25 PM
Interesting new "loan" site Olav23 FIRE and Money 14 02-07-2006 08:03 PM

 

 
All times are GMT -6. The time now is 07:35 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.