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THEY say that if you get a big return back on your federal taxes,… - Blather, Rinse, Repeat
February 4th, 2005
11:56 am

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THEY say that if you get a big return back on your federal taxes, that you should adjust your withholding - otherwise, you're giving the government an interest-free loan. And I can see the logic in that.

I'm not entirely fiscally hopeless - I'm a homeowner, I make IRA contributions. It turns out that this year, I'm getting $32 back from the IRS.

I'm pretty sure that's my smallest return, and it's really good considering I didn't try very hard to target the zero return ideal.

I'm conflicted, though - it'd have been kind of nice to get a huge return. Abstract financial planning logic aside, cash in hand is nice.

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From:keelamonster
Date:February 4th, 2005 09:12 pm (UTC)
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they do say that. In our fair state, if you get money back, they tax you on it. If you under pay and have to pay them, they charge you a penalty.

So you're damned if you do and damned if you don't.
It sucks.
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From:jsmitty_o
Date:February 4th, 2005 09:27 pm (UTC)
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Of course they tax you on it because it's income of yours that hasn't been taxed yet. If you didn't have your federal tax return taxed we would have withold as much of our salaries as we could. Well, *I* would anyway. =)
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From:keelamonster
Date:February 5th, 2005 01:43 am (UTC)
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Not true. It HAS been taxed. It was income that was counted on the tax that was done. And they tax both state and federal tax returns.

Because they're fuckers.
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From:jsmitty_o
Date:February 5th, 2005 08:14 am (UTC)
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My bad math. That took me awhile to get right. So yeah... fuckers.
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From:tsmaster
Date:February 5th, 2005 09:37 am (UTC)
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I love it that people are doing math in my journal.

I love it more that it's not just me.
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