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Anyone thankful this year they gave the gov an "interest free loan" in 2008?
03-31-2009, 04:18 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2009
Location: Canada
Posts: 81
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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)
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03-31-2009, 04:24 PM
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#2
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Recycles dryer sheets
Join Date: Oct 2008
Posts: 295
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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..
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03-31-2009, 04:28 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Aren't I doing that when I buy Treasuries these days?
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03-31-2009, 04:54 PM
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#4
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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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?
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Anyone thankful this year they gave the gov an "interest free loan" in 2008?
03-31-2009, 05:42 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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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
Investing style: Full time wuss.
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03-31-2009, 05:42 PM
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#6
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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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.
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03-31-2009, 05:47 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
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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
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I purr therefore I am.
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03-31-2009, 06:35 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,280
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refund? 1/4ly payments here and typically a nice stout additional contribution to Truth, Justice and The American Way! each April 15th.
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04-01-2009, 06:53 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,594
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Our refund was all earned income credit (~5k) ... can't seem to get the feds to pay me any earlier.
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FIRE'd since 2005
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04-01-2009, 07:17 AM
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#10
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Full time employment: Posting here.
Join Date: Jun 2008
Posts: 534
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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.
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Never surrender what you really want for what you want right now.
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04-01-2009, 07:32 AM
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#11
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,580
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Quote:
Originally Posted by schmidtjas
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)
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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.
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04-01-2009, 11:56 PM
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#12
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Recycles dryer sheets
Join Date: Mar 2009
Location: Newcastle, WA
Posts: 208
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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.)
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Don't just do something; stand there!
- Jack Bogle
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04-02-2009, 05:37 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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$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.
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Vietnam Veteran, CW4 USA, Retired 1979
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04-02-2009, 07:21 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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Quote:
Originally Posted by Lawrence of Suburbia
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.)
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Don't drink the water.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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