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Update for March - income tax refund

March 29th, 2012 at 09:54 pm

I finished my tax return and expect about $1500 refund. I changed my withholding in an effort to get less of a refund next year. I haven't seen the difference yet, so I'll plan for it when I have the actual number for my new take home pay.

I would like to go on record and say this about the instructions for the Form 1040: "Seriously????" I normally do our taxes, but for some reason, I had trouble understanding the language this year. I mean, SERIOUSLY???? Maybe I'm just getting older and more cranky.

I have an idea of how to divide up the refund of $1500 for savings. Much of it (about $800) will sit in my Christmas shopping account. The rest I keep rearranging on paper - some to my Roth IRA, some to my Freedom account, some to my wealth account/car account, some to our house repair account. So many choices!! I'll figure something out. I'm determined to save the bulk of it, give away a little (to church and a homeless shelter) and spend a small amount for things around the house.

Next year, I probably won't know how to act if I don't get a refund. (Or worse, if I owe!) Like several folks I know, I think I'm addicted to getting a decent tax refund. It's a nice chunk of cash to decide what to do with. We'll see how disciplined I am about saving during the rest of this year to make good on getting a bigger paycheck rather than a bigger refund.

Anyhoo, happy saving everyone!!

1 Responses to “Update for March - income tax refund”

  1. Jerry Says:

    I have read conflicting advice about whether or not to plan around getting a big tax refund. If you don't miss the money and don't mind the government using it (interest free) until the following Spring, then I guess it doesn't lead to too much stress. Some people really get uptight about it, though, and want some insurance that they are not giving one dollar more than they owe throughout the year. Frankly, I have other stuff to worry about!
    Jerry

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