Did my taxes today - owe $1,500. Yeah!

[creditcardfree]

We received money back too. I thought I had adjusted our withholdings correctly, but with the move we had more deductions. I have increased the withholdings and I think we will still get over $500 back next year from federal. Changing states, though, it looks like we will overpay extensively and I can't do anything about it. Iowa seems to withhold the same amount for any withholding over 3!! I'm claiming 7, but it didn't decrease the amount they withhold. Crazy!!

Steve, at least we know you have the cash to pay Uncle Sam!! Others aren't so lucky.

[HiImSeth]

We got around $3700 back. We've always liked to get our refund but after hanging out here a bit and finally taking control of our finances I understand the importance and value of getting NOTHING back or actually owing. This year we're making some changes and hopefully we'll do much better next year.

[JanH]

This is the first year we've owed in a while. Until I read this thread I thought that was a bad thing. I learn something new all the time on this forum!

[disneysteve]

Steve, at least we know you have the cash to pay Uncle Sam!! Others aren't so lucky.

Just one more reason to maintain an adequate emergency fund.

[Scanner]

I like oweing too.

My wife likes the refund though and yes, she knows that it's better to have it in our pocket but it's psychological.

I don't know where I'm going to come in at this year. I'm guess we get some back, not much, but some.

[jodi]

We got $6k back total (federal and state), but that was from EIC and child tak credits. We paid nearly nothing into taxes because we knew we would get a lot back from the credits due to DH not working at all last year.

[PauletteGoddard]

I got my taxes done today. As you know, I'm one of those who is totally against getting a refund. It's my money and I want it in my pocket, not the IRS' pocket... I'm happy to be paying money that has been earning interest all year, rather than reclaiming money that should have been mine in the first place. I would have liked to owe less, but overall, this is fine.

I owe $872 this year. I'm fine with that -- it's under 10% of our household's tax liability for 2006, so no penalty, and I have the money for it. As long as I have the cash to pay taxes, and don't bump into Alternative Minimum Tax territory, I'm happy.

[disneysteve]

Alternative Minimum Tax territory

I worry about running into this every year. So far, so good.

[LivingAlmostLarge]

Well I'd rather owe than know I gave the government a huge interest free loan. I'm really stupid. Anyway this time I'm getting it right, I hope.

[Ima saver]

It is silly to make a tax free loan to uncle sam all year, you should owe a little.

[tabbycat31]

most times, it's advised that you don't change your withholdings until the actual event happens.

Let's say that you are due to have a baby in December. Even though for tax reasons, the kid lived with you all year, it's wise not to change withholdings until after the kid is born just to make sure Baby is born healthy...... afterall a misscarriage or stillborn baby does not qualify for the tax benefits a live birth does.

[Gruntina]

I owe 950 this year. I have to admit.. I was hoping it was less than that. I have been saving to pay that but I hate the idea of taking that much out of my savings balance.

I am trying to owe just a little next time.

[Bluezy]

I received a refund of $2,550.00. That included my tax credit for CJ, head-of-household, and tax credits for my elderly parents. I have no qualms with wanting to owe the Revenue Service, however.

[baking23]

I know it's better to owe a little bit than to get money back but I've gotten some pretty hefty checks back in the past few years. I'd rather have them take it out and then give it back then me making a mistake in how much I owe, or overpaying.

[Daylily]

We have a refund this year of $2500.
However, all of it has been applied to our 2007 quarterly payment for April.

Last year we owed.

Our problem is that our situation changes every year. DH is self employed. Some years he does well, some years not.