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Retired Community Manager

How did/will you spend your tax refund?

Just one week until taxes are due! Have you already filed? Have you already received your refund? If so, how did you spend it? Or, how will you spend your refund if you have one coming?

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Periodic Contributor

We will use our tax refund to help pay for our 2019 taxes
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Gold Conversationalist

Refund?  What’s that?

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Honored Social Butterfly


@2Papa wrote:

Refund?  What’s that?


Ditto - have never gotten one, but that is a good thing.

 

REFUND

noun
noun: refund; plural noun: refunds
/ˈrēˌfənd/
  1. 1.
    a repayment of a sum of money, typically to a dissatisfied customer    Woman Wink
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Periodic Contributor

Being retired my tax refund remains fairly constant and much simpler than previous years - based on planning.  When the date for mandatory IRA withdrawals began I created a simple spread sheet to estimate my taxes   (the 1040 math)   so I could plug in numbers and adjust the IRS RMD (required mandatory distribution) that I take sometime in the last two months of the year.  

Silver Conversationalist

Mine went "into the pot". Same as it always has.

 

This is the first year that I filed while I was retired. But I followed same process as for many years. I set up a budget at the start of the year and I don't plan on having a "blow out" by getting a tax refund. I've always tried to get the tax withheld to be about equal to my expected tax due.

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Periodic Contributor

I followed that same approach while I was working.  Why should I give the government my money to "hold" so it could give it back to me at the end of the year with no interest earned?

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