Yes, I'll be getting a nice chunk of change back (about half a paycheck's worth).
I actually had to do the AMT worksheet this time around. Looks like I'll have to jack-up the amount I put into my SIMPLE for this year (or buy a house - I've been meaning to get around to that one of these years).
Some people have really witty signatures. I am not one of those people.
I dont mind giving the government an interest free loan, especially one that is barely ten bucks a month (in my case). I mean, the interstate I drive on every day is paved and in good shape, I havent been taken hostage by evil people from vicious armies, and, my water and food is reletively safe to drink. So, for ten bucks a month, I think I get my money's worth.
Yes, big refund, like three former paycheques worth, despite not working since May of last year (having quit to become a full-time student).
I normally claim the maximum possible for federal and state, plus an extra $50 to get a nice chunk of change from Uncle Sam. Last year, knowing that I would need money now much more than I did then, I had the foresight to have them hold an extra $100/week for my five months of work.
I had to resurrect this thread after completing my taxes yesterday and ask forgiveness.
In 2004, we inherited a bunch of money and had to pay approximately $5,000 back to the government.
So, for 2005, I didn't change anything for withholding, assuming it would all work out correctly this year since we didn't inherit anything. Turns out, we're getting a refund of about $2,600. I will apologize to all the folks in this thread that I said were not wise to give the government an interest-free loan, seeing as I did the exact same thing.
I just e-filed this weekend, and am now awaiting $1655 from the federal government. It's the third straight year I've had zero tax liability (somehow, my second year in college, I OWED money). It's going to suck whenever I'm out of school and make more than exactly enough to pay my tuition, rent and books costs, however.
I'm getting almost 700 back from the Feds, and a whopping 65 back from the great state of New York (which, incidentally, is the most I've EVER gotten back from NY. Not saying much at 25, I know, but last year was the first year I even had a state refund to look forward to.).
Probably going to use some of it to get a PS2, or an X-Box, and sell my Game Cube somewhere, and I'll try and save the rest.
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I actually like that part of it. I was a little bit annoyed when Tom Brady tossed three picks (en route to seven as a team) in my first preseason game, but you really just pay a steep price for making an impossible throw that has previously paid off....