Tax Return Time WooHoo!

Agreed, I am married with 1 dependent but I claim Married +4 on my W-4 to reduce my refund. I finally got sick and tired of loaning uncle sam $4k every year.

 

I still would like to get a big refund...because there is something about getting that check that it almost seems like it is a free bonus (I KNOW, I KNOW IT IS NOT)

However it will be a LONG, LONG, LONG time before I ever get a refund back. I am on an installment program to pay my taxes soooo......

 

and thank your lucky stars!!!

 

I am not an accountant or tax attorney, but I am in law school, have taken fed. income tax and do volunteer to do peoples taxes. My understanding of this credit is that it is new, created by the American Recovery and Reinvestment Act in 2009. It is worth up to $400 for individuals and $800 for married couples (I'm assume filing jointly) and results from decreased tax with holding each paycheck. There are several factors that can affect it such as if you received any economic stimulus payments last year, that will reduce the amount. I don't think that you actually use it as a traditional credit when you do your taxes, but you get the benefit of it through out the year. Hopefully that helps.

 

Would take a lot of words to explain. It's easier just to link to Schedule M.


irs schedule m 2009 - Google Search

 

I'm hoping for 8-10k ;D!! Bought a house this year...

Time for a JBJ 28 gallon and a DIY LED fixture for my 90 gallon 8).

 

so if i received that stimulus last year in the amount of $400 im supposed to fill out this schedule M? cant just do the 1040EZ like normal?

 

Just a question Aren't your official interest rates between 0-.25% ? meaning any interest your likely to earn is pretty much insignificant ?

 

When you hear about the Fed adjusting the interest rate, that's the rate that banks charge each other. That has very little impact on the rates we pay to finance a vehicle, home, or credit cards, etc. Money market accounts pay roughly the same amount as this. Since it's lower than the rate of inflation, the only way to not lose money in this situation is to spend it yourself....not save.

 

ummm, I am. I was just commenting on the theme that I prefer to get a large refund. Something about getting that check that "feels like extra money" And as you know, and have commented on, I am not the most responsible with my money so I do not tend to save it..so it is better for the IRS to hold onto the money and send me a check. But contrary to what you and others believe I am NOT complaining

I know what I did to myself, how I messed thing up, and I am very thankful for you getting me that installment program. Everyone makes mistakes and I made a big one. I have NEVER, EVER stated that I did not mess up my life, just like others probably have