Would you rather?

Rodeogrl02

Based on Julie's last post stating she's only getting $900 back on tax return, I found myself wondering if our usual $4,000 return is really necessary. Last year this is about how much we got back and I'm expecting this year to be as much since we now will claim Tyler and neither T or I changed our deductions.

So...

Would you rather get a large refund in the Spring or get more back each paycheck??

Temp536318000001135

While getting a nice, fat refund is fun and feels like "free" money (even though it is not), I would much rather have more in each paycheck.

Danica1

I prefer getting a refund, although I hear it's better to get it back in your paycheck.

mbrooke1

"Free" money feels nicer when it comes in the form of a big fat check from the IRS, but I'd rather have that money in my paycheck and let it be collecting interest in the bank.

buckeyebabe99

Oh gosh. I would never let the government play with my money for that long. If you took that money each month and put it into a high-yielding account, you'd make more money on it.  Or, if you took that money and socked it away in an IRA, you'd get that extra deduction as well and still get money back at the end of the year (depending on your circumstances).

I try to break even.  I claim 1 on Federal and 2 on State. We don't have any kids yet. 

brandonsgrl

I'd rather get it in every paycheck than give the government a free loan on my money. I'd rather make money off my money than let the government do it.

Mrs*Pink

Wow, I thought I was getting a lot back!  For us, I get a lot less because I make a few thousand a year in contract work, and have to pay taxes on that.  Also, I owed Columbus City, so I subtracted that out of my final $900 number.

Just know that you basically gave the government a $4000 loan at 0% interest!  You could make decent money on that if you even just put it in an online higher-interest savings account, like Emigrant.

buckeyechik

Personally, I would rather get more each paycheck.  DH, however, would rather get the refund.  So we have a "compromise" (sort of).  We got back right around $2K both last year and this year.  lol  Not much of a compromise, really, but it's nice.  We actually just bought a new stove and a new dishwasher on our way home from work today.    And I'm thinking about ordering a new laptop right now.  So it's nice...but we could have spent our savings, rather than a refund.

So what I'm saying is that I believe we'd save the difference....DH isn't so sure.

cassiehunt

We do exactly what buckeyechik does. I like to get a big fat refund, DH likes the extra in each paycheck so we split the difference and get back about $1000-1500.

YourSong

I'd rather KEEP more money in each of my paychecks.  Why let them have my money when I could get some more Wendy's?

amesv119

I would much rather get more back each paycheck. I'm not letting the government borrow my money for free!

shannanicole

more in the paycheck so that I can put the money in the bank and actually earn interest on it versus having the govt make money off of my money.

playindagamewell

is both an option

hehe i would rather get the dough upfront

but i would hate to make adjustments and find out I owed money in the spring

this year we got about 1700 dollars back in fedral, but owed 400 in state. . . so i'm glad we didn't end up owing overall

brainstorm102

As long as I don't owe, I'm happy.

AmberOH

I'd rather get more in each paycheck!  DH gets a huge Christmas bonus, and yet it's nice, it would be so much nicer just to make more each week! 

cork2win

I can't remember the last time I got a refund so I can't really relate.  I will though say that, for those who aren't capable of saving money on their own (they spend whatever they earn), I can see the benefit of getting a huge refund.  It's kind of  "forced savings", depending on what you do with that money of course.  It's savings at 0% interest, but savings nonetheless, which is better than nothing.  I would never let that money sit with the IRS all year, but for some I can see the appeal.

tbonegrl

You don't even want to know how much we are getting back. A ton. We just had a rought year and were unable to change our witholding...

LittleHowell

DH and I have trouble saving, so I think if we didn't get a refund then we would have $0 in our savings account.  That being said, we're only getting $1000 back and I thought that was a lot.