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Old 03-17-2013, 01:41 AM   #21
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Refund? There should never be a refund. Agreed if playing the Feds game it's best to aim for the zero. Never let someone borrow your money in advance and make interest off it when you could.

Of course every circumstance is different. Oconus. I don't pay estimated nor would I want to play. That's just another game of over paying up front. Claim exempt all year, take the extra and play the market to see if can make enough to cover what i'd owe at the end anyways. Some years it's worked out well, some real close. Sure makes me feel better writing that end of year check to pay them in full.

While others in my profession try not to pay taxes at all, we won't go into those methods. They freak when I say how much I wrote a check for but they can't fathom the method or have the discipline to execute it.

With current markets, wrote the check without even blinking.
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Old 03-17-2013, 05:30 AM   #22
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I haven't done my taxes yet but don't expect a refund. If there is one it will be applied toward the 1Q estimate for 2013.
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Old 03-17-2013, 07:33 AM   #23
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Our unplanned/unexpected FIT $1800 refund will pay our $1600 state income tax liability. I didn't realize how ridiculously low our FIT taxes would be without my income, 0% CG/div taxes up to $70.7K taxable income is crazy IMO - but I won't make that mistake again. We've not had a FIT refund (by design) in at least 20 years, I always underpaid to the penalty limit where possible.
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Old 03-17-2013, 07:35 AM   #24
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Quote:
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I haven't done my taxes yet but don't expect a refund. If there is one it will be applied toward the 1Q estimate for 2013.
Yep, that's what I do.
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Old 03-17-2013, 07:39 AM   #25
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Usually I come as close as I can to breaking even, neither owing or getting a refund. Last year for some reason I badly overestimated taxes so we got a bit over $2,200 back from federal and state.

That will pay for about half of the new central air conditioner we'll be buying next month. The original is 11 years old and has a leak in the evaporator so it isn't worth fixing.
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Old 03-17-2013, 07:53 AM   #26
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No fed refund as I prefer to under pay by a small amount and usually do not have to pay state income tax since retiring.
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Old 03-17-2013, 11:18 AM   #27
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A substantial bill instead of a refund. Second half of what I owed on the big 2010 TIRA to Roth conversion.
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Old 03-17-2013, 11:48 AM   #28
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I applied the federal to next year. It was less then the1st qtr payment I planned to make. Anyone know for sure if they count that as the 1st payment or do I have to do the EFT payment to keep them happy?
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Old 03-17-2013, 01:18 PM   #29
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We're getting about a 9k refund, thanks to the energy tax credit for the solar panels we put on the house. Will likely use some to pay for a European Riverboat cruise in July and put some into some projects around the house.
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Old 03-17-2013, 01:41 PM   #30
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Got a few k back as a refund. Was expecting more but had some unexpected CG distributions from a mutual fund late in the year.

Money is invested according to AA which means its going to fixed income/cash bucket as equities have been on a tear.
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Old 03-17-2013, 01:45 PM   #31
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I applied the federal to next year. It was less then the1st qtr payment I planned to make. Anyone know for sure if they count that as the 1st payment or do I have to do the EFT payment to keep them happy?
Yes, you can count that as the first payment. If you were planning to pay more the first quarter simply send in the difference.
Bruce
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Old 03-17-2013, 01:51 PM   #32
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Getting a net (Fed refund/State pay) $600. Hadn't really thought of designating it for anything. Although we are having a tree removed this week, so I guess I could say it'll pay for about half of that.
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Old 03-17-2013, 02:20 PM   #33
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I'll be paying taxes with my tax refund.
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Old 03-17-2013, 02:47 PM   #34
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Yes, you can count that as the first payment. If you were planning to pay more the first quarter simply send in the difference.
Bruce
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Old 03-17-2013, 02:50 PM   #35
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Quote:
Originally Posted by lemming View Post
I applied the federal to next year. It was less then the1st qtr payment I planned to make. Anyone know for sure if they count that as the 1st payment or do I have to do the EFT payment to keep them happy?
If you were planning to pay more for the first quarter payment, then you just need to pay the difference by the Q1 payment deadline.
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Old 03-17-2013, 02:53 PM   #36
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We are getting a $159 Fed refund for 2012. We have paid no state income tax since we have been retired (5 years).

2012 was the first year that both DW and I were on SS all year. We had no tax withheld from our SS. We paid no estimated tax. The only income tax we paid was 10% withheld from our IRA withdrawals.

To answer the question we are considering leaving the refund with the Feds (haven't filed yet) to apply to any possible taxes for 2013. All I know about taxes is how to fill-in the blanks in Turbotax.
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Old 03-17-2013, 02:56 PM   #37
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Car wash and oil change. What's left we will go for coffee.
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Old 03-17-2013, 03:47 PM   #38
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No refund. I owed $564 to the fed for interest on some EE bonds I cashed in last fall to buy my used Ford Escape.

No taxes due to NYS.

No, better yet...I send my very best Bronx cheer to Albany.
http://www.urbandictionary.com/defin...=Bronx%20cheer
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Old 03-18-2013, 02:34 PM   #39
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Usually we deposit refunds in our savings accts. (boring) This year it's going towards travel. Hopefully this is a start of something new.
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Old 03-18-2013, 02:43 PM   #40
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I pre-spent it during December 2012 on tax planning and converting traditional to Roth IRA. Was able to convert $10k, pretty cool!
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