Savings account @ 4% (probably could have averaged that in 2008 though rates are below that now). Starting with $0 and putting the $1000 extra a week in if you weren’t overpaying in taxes you’d have $12222.46 in the account at the end of the year. And the satisfaction of not giving the government an interest free loan.
vs $0 in interest earned by letting uncle sam hold onto the money.
It’s not a lot, I’ll admit, but most people who get big refunds also carried credit card debt all year at double digit interest rates. That’s where you’re really pissing away “free” money. Take that extra $1000 a month and put toward any interest accruing debt.
I am just awaiting Time Warner from NY, they suck at getting their shit out. I remember last year they offered it online like the 2nd week, but I didnt get the paper one til maybe mid March.
Now that I am not with them online is not available, so I have to wait… sucks.
Need one more W2…probably won’t getting much back as usual. Mainly because I don’t make enough each pay check to pay shit in taxes. 5k gross…6 bucks to the fed and 50 cents to nys lol.
:banghead: you have a masters degree and are working on your DR. how do you not have basic financial sense. It’s not 1-2% unless you have no idea what you’re doing. Even in a high interest savings account with no risk the interest compounds.
back to the original question… I’ve filed my fed, when I get that refund (house stuff) I’m putting more into an IRA then refiling the corrected federal (should get me maybe $500 more in free money) and filing state for the first time.
Preliminary is 940 back federal and owe 240 to state. Looks like I’ll be tweaking my withholdings again. Going to wait a few more days to file to make sure I don’t have any 1099 stragglers like last year.
