# Tax Season 2007

**URL:** <https://forums.speedlife.net/t/tax-season-2007/23600>\
**Category:** NYSpeed Off Topic\
**Created:** [January 25, 2007, 2:38pm UTC](https://forums.speedlife.net/t/tax-season-2007/23600 "2007-01-25T14:38:27Z")\
**Posts on this page:** 20\
**Page:** 2

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**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\
**Post date:** [January 26, 2007, 6:20am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/21 "2007-01-26T06:20:33Z")

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JayS - Its not interest free. These folks are **losing** money on it, in a few ways.

What was the value of the dollar at this time last year… When someone gave it to the gov’t to spend? Whats the value of a dollar now?

Not to mention the interest that they lost on not [at least] putting it into a savings account; Roth or 401k; or interest lost by not paying off the credit card that they used to turbo their lexus; etc.

And so on…

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**Author:** ![JaysGreenLX](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jaysgreenlx/32/7321_2.png) [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)\
**Post date:** [January 26, 2007, 6:21am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/22 "2007-01-26T06:21:53Z")

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> [@Nikuk](#):
>
> or interest lost by not paying off the credit card that they used to turbo their lexus; etc.

:mamoru:

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**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\
**Post date:** [January 26, 2007, 6:24am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/23 "2007-01-26T06:24:27Z")

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> [@Nikuk](#):
>
> JayS - Its not interest free. These folks are **losing** money on it, in a few ways.

No, I understand anyone who pays in too much is losing money. What I was saying is the government is basically getting a loan from the Bank of You, with 0 percent interest.

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**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\
**Post date:** [January 26, 2007, 6:27am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/24 "2007-01-26T06:27:27Z")

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> [@JayS](#):
>
> No, I understand anyone who pays in too much is losing money. What I was saying is the government is basically getting a loan from the Bank of You, with 0 percent interest.

err, word. been a rough morning.

![http://img.photobucket.com/albums/v492/NjccBflo/2explode.gif](https://canada1.discourse-cdn.com/flex034/uploads/speedlife/original/3X/4/3/43ee0190e7a9b045fa3fc78b100b9ca17c8ad84f.gif)

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**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\
**Post date:** [January 26, 2007, 6:30am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/25 "2007-01-26T06:30:09Z")

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MY taxes are going to be fun this year, I worked to jobs in NYS, now work in FL, a permenent resident of IL, I get to deduct student loan interest, as well as my moving down here expenses. The gustimator that I worked out says I get everything back from NYS, Owe IL about $400, and am getting $5k back from the feds, but I don’t really think I could have planned this any better than what I did

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**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\
**Post date:** [January 26, 2007, 6:35am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/26 "2007-01-26T06:35:32Z")

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I usually end up paying like 50.00 to state and getting like 100-200 back from fed.

never understood how people get 1-2K back… (without dependents)

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**Author:** ![MaximaSE98](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maximase98/32/7600_2.png) [@MaximaSE98](https://forums.speedlife.net/u/MaximaSE98)\
**Post date:** [January 26, 2007, 6:41am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/27 "2007-01-26T06:41:17Z")

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They have more taken out that needed

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**Author:** ![newman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/newman/32/7569_2.png) [@newman](https://forums.speedlife.net/u/newman)\
**Post date:** [January 26, 2007, 6:59am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/28 "2007-01-26T06:59:11Z")

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i pay about 15,000 in income taxes a year. ☹

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**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\
**Post date:** [January 26, 2007, 7:15am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/29 "2007-01-26T07:15:40Z")

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> [@MaximaSE98](#):
>
> They have more taken out that needed

but thats the thing… I’ve claimed both 1 and 0 at different jobs and never got much back, yet I have friends that have lower paying jobs and seem to get a bunch of cash back (unless it’s the employer?)

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**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\
**Post date:** [January 26, 2007, 7:27am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/30 "2007-01-26T07:27:20Z")

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I HATE TAXES. I got about 80 bucks a week taken out of my check last year and I may get back 1K which I am hoping for. I am claiming zero but that is going to change. I rather have my cash up front. what are you guys claiming???

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**Author:** ![Ovrwrkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ovrwrkd/32/7586_2.png) [@Ovrwrkd](https://forums.speedlife.net/u/Ovrwrkd)\
**Post date:** [January 26, 2007, 7:37am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/31 "2007-01-26T07:37:56Z")

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> [@JayS](#):
>
> Every year I laugh at the people who are all happy because they’re getting a big refund.
> 
> All that means is you paid in too much, and gave the government an interest free loan all year. Ideally you want to shoot for getting \<$50 back. Paying a little bit in is good too, but if you have to pay in multiple years you can run into penalties.

I understand and agree with you. My situation for this tax year was beyond my control. I received a settlement for a case I was involved in. The settlement was handled as back wages and I literally got raped on the taxes the took from that ‘paycheck’. This was all right at the end of December as well, so the govt. didn’t get to keep my money for too long.

Normally, I end up getting $150 or less back from the Fed and owe the state around $50.

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**Author:** ![jay\_g](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jay_g/32/111288_2.png) [@jay\_g](https://forums.speedlife.net/u/jay_g)\
**Post date:** [January 26, 2007, 7:40am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/32 "2007-01-26T07:40:09Z")

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I claim 1. The only thing that saves me from paying a few hundred is the interest I claim from my school loans.

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**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\
**Post date:** [January 26, 2007, 8:07am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/33 "2007-01-26T08:07:19Z")

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> [@BikerFry](#):
>
> I think I’ve got my withholdings set just right so that I should get just about nothing back. No free loan to the government from me. :tup:

thumbs down to being financially responsible enough avoid the “free money” effect of taxes 😃

i have a wife and 2 kids, yet claim 0…  
🙂

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**Author:** ![Adictd2b00st](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/adictd2b00st/32/7625_2.png) [@Adictd2b00st](https://forums.speedlife.net/u/Adictd2b00st)\
**Post date:** [January 26, 2007, 8:47am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/34 "2007-01-26T08:47:57Z")

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> [@Dr.Stevil](#):
>
> I usually end up paying like 50.00 to state and getting like 100-200 back from fed.

likewise

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<div class="post-metadata">

**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\
**Post date:** [January 26, 2007, 9:10am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/35 "2007-01-26T09:10:31Z")

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teeup

Im getting like $1500 back…

go me!

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**Author:** ![Bacon](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bacon/32/7230_2.png) [@Bacon](https://forums.speedlife.net/u/Bacon)\
**Post date:** [January 26, 2007, 9:50am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/36 "2007-01-26T09:50:08Z")

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Still waiting on some W-2s to arrive. Should be a decent amount back, don’t want the mistake of paying out my ass like last year.

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**Author:** ![87FOXGT](https://avatars.discourse-cdn.com/v4/letter/8/ecd19e/32.png) [@87FOXGT](https://forums.speedlife.net/u/87FOXGT)\
**Post date:** [January 26, 2007, 9:56am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/37 "2007-01-26T09:56:21Z")

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> [@newman](#):
>
> i pay about 15,000 in income taxes a year. ☹

+1 I get butt slammed without any type of lubrication before hand. :ham:

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**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\
**Post date:** [January 26, 2007, 10:02am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/38 "2007-01-26T10:02:47Z")

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> [@JustinH](#):
>
> The big tax refund is like the white trash loan.
> 
> I know a young couple that doesn’t save a penny, has two kids, never has any money, then is **_N rich_** when the tax money comes in, they get like 8 grand from new york.

:lolham:

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**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\
**Post date:** [January 26, 2007, 10:03am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/39 "2007-01-26T10:03:55Z")

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how much of a difference does paying back school loans make?

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**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\
**Post date:** [January 26, 2007, 10:26am UTC](https://forums.speedlife.net/t/tax-season-2007/23600/40 "2007-01-26T10:26:51Z")

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> [@j\_espo1](#):
>
> how much of a difference does paying back school loans make?

You can claim all the interest paid as a deduction. If you just started paying off the loan you’re paying basically all interest and very little principle for the first few years, so you get a bigger deduction.

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