Plans for Tax Refund?

Mom987 · January 2014

Hi all! We are working on our taxes and I was curious to see what your goals/plans are if you are receiving tax refunds.

We plan to get our bank accounts back to normal (like minimum $1,000 in checking), then put it all towards the mortgage. We might put $300-400 on the Amazon gift card to get 10% back. If we do that, we might use it towards a camera or vacuum.

brij2006 · January 2014

We're lame and our return goes to pay property taxes every year. Anything above that will go toward student loans.

Apollo11235 · January 2014

We haven't started looking into whether we'll get a refund. If we do, we'll probably go out to a nice dinner or something and put the rest into savings.

cbee817 · January 2014

We're starting a vacation fund using our return, rebates, bonuses, and grants. Can't wait to open it and start planning.

IAmSherlocked · January 2014

We should be getting a pretty decent return this year, but I haven't really looked at the numbers yet. DH keeps changing his mind with what he wants to do with it but my vote is to finish paying off our credit card and then sock the rest away in savings. We will probably spend at least some of it on some new computer parts for DH that he's been holding off on buying.

Xstatic3333 · January 2014

We've decided, also after much back and forth, that ours is going in our DP fund. Saving won't seem so futile once there's more in there to start !

smbenevides1989 · January 2014

We will be using most of ours to put as a DP on DH's new-to-him car. The remainder will pay for the phones we just bought yesterday. Anything left will go into savings.

vlagrl29 · January 2014

If we get the same amount as last year which I'm hoping, we will use part of it to pay our CPA for filing our taxes and we plan to put 1k in our emergency fund which will bring that up to 5k. Maybe put part of it in our hot tub fund. I haven't even started my taxes yet, but will do so in early Feb.

SmrBrd2012 · January 2014

I don't think we claimed the right number of allowances on our w-4's post-marriage so I have a feeling we are going to end up owing

jessica490 · January 2014

I'm not sure how much it will be yet, but it will probably go into our house DP fund.

emily1004 · January 2014

I would really rather not have a tax refund at all, but since the people at the payroll service H's office uses are incompetent we have a pretty sizable return coming. We are going to use a small amount to go on a San Fran/Napa vacation for my brothers 40th birthday in April. The rest will go towards housing costs, if we ever find one to buy.

brij2006 · January 2014

@smrbrd2012 That's definitely something to ask your CPA when you file. We didn't adjust ours either, and were close to owing last year. So definitely ask.

dragonstarjk · January 2014

We are using ours to help fund the Hawaii trip we are planning in May for our fifth anniversary!

Belthil · January 2014

H and his sister share season tickets to a hockey team. We're currently trying to save for his tickets monthly but if we don't reach the goal by tax time the remaining balance will come out of our tax returns. Everything else is going to be used towards debit repayment. I'm oddly excited for that.

spalko · January 2014

We plan on paying off a student loan, two credit cards and putting the remainder in our baby fund.

VadersValkyrie · January 2014

If we get one (which we think we probably will, first year filing jointly, just got married), we'll put some towards debt and some into savings. We didn't take a honeymoon after our wedding, so we're hoping to go on a nice trip this year.

hoffse · January 2014

I hate getting a refund because it means we didn't withhold properly. That said, H is still eligible for all the education benefits, so we're probably going to get a couple thousand this year. It's going to our house fund.

CuriousKiddosMama · January 2014

This may be the first time in a while we will get one. Normally we end up owing for some reason, but with the child tax credit, we may get a small return. Honestly not sure what we will do with it, haven't talked about it yet. Maybe put it towards a vacation for the fall/winter???

HoneyBee973 · January 2014

The money we get back usually pays for our house and car insurance for a year. Anything left over gets split between savings account and extra principal towards the mortgage.

Sisugal · January 2014

We pay quarterly taxes and try to keep it so that there is no refund -- we would rather pay what we owe if anything..

irishfemme · January 2014

Straight into savings to replenish from last month.

mana8503 · January 2014

We haven't received anything from H jobs so I can't even estimate yet. I do think we will get 1-2 k since H did single since we didn't know how much he would make this year.

If we got 1-2 k than $300 to pay off my jeep, rest to last sl.

Wulfgar · January 2014

We are going to pay off my credit card that we put both medical bills and my wife's new lap top for work. I forget if we can deduct business expenses without itemizing or not. Our mortgage is way too small for us to itemize. Depending on how much we have left over after the credit card, we have trees that are planted in the wrong positions around the house. We have some trees that will grow to 80' planted next to a fence and depending on which way it would fall over will hit multiple properties. We have decided that all of the trees that we didn't plant need to go.

We also pay the first half of our car insurance out of our tax returns and will most likely pay our quarterly city taxes out of it. I work in a different city that has lower city rates.

CowgirlK39 · January 2014

I'm hoping we get roughly what we did last year, in which case we plan to pay off my truck. That's one less thing to shell money out for each month.

JuneMrs · January 2014

What's a tax refund? We always owe or break even. The sky would open up if we got a refund.

vpine · January 2014

Getting $1,350 refund - will be using $500 or so for tile installation in bedroom, the rest of the house is tile and bedroom is only one with carpet which drives me nuts. Most likely, saving the rest.

Erikan73 · January 2014

My husband wants to use it for a vacation or something else fun or towards a shed to help store yard tools, but the reality is, it's going towards bills.

OurDCLove · January 2014

How do you get 10% cash back on Amazon gift cards? Please do tell! lol

tigerfighter · January 2014

Paying for my divorce.

hoffse · January 2014

OurDCLove said:

How do you get 10% cash back on Amazon gift cards? Please do tell! lol

What you do is buy TurboTax through Amazon. At the end, it will give you an option to use part of your refund to buy Amazon gift cards. If you choose it, TurboTax will add on 10% to the value of the gift cards. I think you have to buy the deluxe version to get 10%. I'm pretty sure the basic version gives you 5%.

If you shop at Amazon frequently, it's obviously a really good value. It's not true cash of course, but you can save a lot of money doing that.

OurDCLove · January 2014

hoffse said:

OurDCLove said:

How do you get 10% cash back on Amazon gift cards? Please do tell! lol

What you do is buy TurboTax through Amazon. At the end, it will give you an option to use part of your refund to buy Amazon gift cards. If you choose it, TurboTax will add on 10% to the value of the gift cards. I think you have to buy the deluxe version to get 10%. I'm pretty sure the basic version gives you 5%.

If you shop at Amazon frequently, it's obviously a really good value. It's not true cash of course, but you can save a lot of money doing that.

Thank you!

Plans for Tax Refund?

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