What are you doing with your tax refund?

[Lakedog]

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.

 

[braumeister]

A substantial bill instead of a refund. Second half of what I owed on the big 2010 TIRA to Roth conversion.

 

[lemming]

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?

 

[jimnjana]

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.

 

[photoguy]

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.

 

[Gill]

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

 

[Gumby]

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.

 

[Bikerdude]

I'll be paying taxes with my tax refund.

 

[audreyh1]

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

+1

 

[audreyh1]

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.

 

[JakeBrake]

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.

 

[aja8888]

Car wash and oil change. What's left we will go for coffee.

 

[freebird5825]

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/define.php?term=Bronx%20cheer

 

[kz]

Usually we deposit refunds in our savings accts. (boring) This year it's going towards travel. Hopefully this is a start of something new.

 

[heeyy_joe]

I pre-spent it during December 2012 on tax planning and converting traditional to Roth IRA. Was able to convert $10k, pretty cool!

 

[rodi]

I'm taking my $400 federal tax refund to pay a portion of my $1000 CA state tax due.

My goal is to break even each year - and I define breaking even as +- $1000. So my net -$600k is break even.

 

[David1961]

If I get a refund, I'll probably apply it to next year's taxes. Not very exciting, I know.

 

[Surewhitey]

I re-funded the account we withdrew to open the IRA's. IRA's allowed us an extra $2,200 check from the gubbmint.

We'll likely spend most of this on the trip back to Mexico. Going back for a couple years after hanging in LA for the past year...didn't miss w*rk all that much, come to find out.

 

[obgyn65]

I won't get any refund this year. As always.

 

[Felix Mulier]

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.

With current markets, wrote the check without even blinking.

Do you play poker?

Seriously - way to call attention to yourself. I'm just sayin'

 

[Sniggle]

Mostly funded our Roth IRAs for the year. I am one of those that claims minimal deductions to get a big refund. I know it is not the best way to do it, but seems I always need the cash more after the holidays, and with the tax return I know I will have it.

 

[foxfirev5]

Very little refund for me. I carefully run the numbers throughout the year to not write a check. DW has a per diem nursing job with no withholding so I have to overcompensate.

 

[Nodak]

I haven't seen a refund since I retired.