Income Taxes

[Wigwam_Motel]

Will you be buying any cigars with your Income Tax Refund or Selling boxes and boxes when you have an amount due. okemyeye

 

[Angry Bill]

Refund is for vacation. Overtime is for cigars... hehe

 

[tedski]

My wife lost quite a bit of value in her IRA last year, so we will probably use our tax refund on a Roth conversion.

 

[Wigwam_Motel]

My wife lost quite a bit of value in her IRA last year, so we will probably use our tax refund on a Roth conversion.

Did she realize it yet, or it is still unrealized? 3k yearly deduction for those loses, writing loses off for years.

 

[Fox]

What is this refund you speak of. . .? :sadcry:

 

[Electric Sheep]

Will you be buying any cigars with your Income Tax Refund or Selling boxes and boxes when you have an amount due. okemyeye

I don't get a refund because I'm not someone who enjoys giving the govt a 0% loan.

Instead, I choose pay in at the very end, for as much as I can stand, typically around $4-$5k. Sure, I don't earn very much interest on such a small amount of money, but dammit it's the principle of it all; I'd rather that *I* make the $25 bucks interest from my own money then let the fawkin' government make it!

And also, if I ever had to sell boxes of cigars to pay a bill, then I'd once and for all know that I'm a complete idiot who can't manage money properly.*

:grin:



* Please note that I'm only talking about money management here under normal, everyday circumstances. I could easily end up unemployed, or injured, or faced with family emergencies, or any number of other things that could drop me on my ass in a second. In that case, I'd sell all sorts of things, including cigars! LOL

 

[Soundwave13]

Refund is for vacation this year... & Maybe to wittle down a last bit of debt.

 

[joshua]

Any money I get back is going to pay off the last of my school loan, and the interest I paid on the loan all year offsets my investment earnings so its worked out well the past few years.

 

[bballbaby]

And also, if I ever had to sell boxes of cigars to pay a bill, then I'd once and for all know that I'm a complete idiot who can't manage money properly.

:nono:
Careful, careful making a bold statement like that. you never know what life or the Good Lord has in store for you. Their are many ways you can end up penniless that don't result from mis-management of your funds.

 

[tuffy]

I'll be paying off bills. This economy scares the shit out of me and I want to reduce my financial liabilities.

 

[David]

Ours will go into savings. I know...how boring!

 

[lakeside toker]

Spend it all. Let the people who voted for Obama take care of me.

 

[MichiganM]

I'll get back to ya when I know how much I'm getting back, or how much I owe. I usually get a small refund but some finances have changed this year, we'll see.

 

[Electric Sheep]

:nono:
Careful, careful making a bold statement like that. you never know what life or the Good Lord has in store for you. Their are many ways you can end up penniless that don't result from mis-management of your funds.

Ture, true....but then, that would be a SEPARATE ISSUE from money management, wouldn't it?

Believe me, I expect to be unemployed any day now (I didn't expect to make it through December, so I got lucky).

But unemployment--or any other external issue--has nothing to do with good money management.

 

[tedski]

Did she realize it yet, or it is still unrealized? 3k yearly deduction for those loses, writing loses off for years.

I'm not totally sure what you mean. No transaction has taken place yet, so her overall gains since inception are unrealized. But, since she was out of work most of last year and the IRA lost about 40% of it's value, I figured it would be a good time to start converting it over to a Roth, pay the taxes now and have future withdrawals tax free.

 

[Saully]

Don't know if I'll get a refund this time. But I know my "usual" March bonus from the man won't be happening.

 

[jkim05]

Did she realize it yet, or it is still unrealized? 3k yearly deduction for those loses, writing loses off for years.

Gotta watch out for this one. You can't deduct losses, except for a few circumstances, in a traditional ira account. Always consult a tax professional before trying to do this as well.