What would YOU do? Tax refund windfall

BigE2

Say you get a decent mid 4 figure tax refund.

Would you...

1. Fill some holes in your 7070?
2. Buy bullion silver?
3. Buy one wicked nice coin you've wanted for awhile?
4. Let the spousal unit decide what to spend it on.?

LucyBop

I'd put my cat clothes on and there would be some good rockin' tonight!

SilverEagles92

1. Fill some holes in your 7070?
2. Buy bullion silver?
3. Buy one wicked nice coin you've wanted for awhile?

yes, Yes, YES!

4. Let the spousal unit decide what to spend it on.?

NO....

mepot

Since I had to PAY,some of that money is rightfully mine.PM me,I will send you my Paypal address.

JRocco

<< <i>Since I had to PAY,some of that money is rightfully mine.PM me,I will send you my Paypal address. >>





Good one.

Bear

I put mine in a CD at 5.46%.

alfalfa

I got a few thousand back this year and bought mutual funds UMBIX and MUHLX.

RJ

roadrunner

None of the above.

roadrunner

Hoodlatch

How soon can you get to Dalton, Lucybop?

Fairlaneman

Buy a raw coin from Stacks.

Ken

fc

Place in CDs for 6 months and mull it over. Do not rush to spend it.

TwoSides2aCoin

Pay down debt !
but, this is just my opinion.


Joe

edit to apologize

Hoodlatch

Ssssshhhhhhhhhhhhh!!!!!

Longacre

What would YOU do? Tax refund windfall


Adjust your Form W-4.

CarlWohlforth

<<Adjust your Form W-4. >>

My first thought!

Nobody should have a large refund. I don't like lending anybody money for 0% interest. It is easy to get %3 CA tax free interest so why not pay the minimum estimated tax possible?

Coxe

Giveaways for everyone in the house (forum)!

Easy to say when it is someone else's windfall.

LincolnCentMan

I did get a four figure tax refund.... I put it on debt... where it needed to go.

-David

BlackBeard

I have used one to make my next IRA deposit for wife and I.

ColonialCoinUnion

<< <i>Buy a raw coin from Stacks.

Ken >>



For the guy (and gals) who really know how to grade, that can be a good idea -

N8

Just finished throwing it on top of the UNHF pile... (Upcoming New House Fund) No coins

JoeLewis

When I come into an unexpected large amount of money that I can spend on coins I opt for that one awesome coin that I could never afford otherwise.


BUT, a "large amoun t of coin money" is like $500 for me.

BN

If gold and silver weren't so high right now I'd put it there. But since they are I'd prolly park it in a 5% return account.

garsmith

I'm getting a nice 4 figure refund! 3/4 of it I'm using to buy land in the Philippines the other 1/4, I haven't decided where it's going yet but most likely it will go for coins

garsmith

<<Adjust your Form W-4. >>

<<My first thought!

Nobody should have a large refund. I don't like lending anybody money for 0% interest. It is easy to get %3 CA tax free interest so why not pay the minimum estimated tax possible?>>


This is not always true; two things account for my large refund:
1) I spend 6 months working outside the U.S.!
2) I got married in July, so I was able to file a joint return for the first time!

goose3

<< <i>Say you get a decent mid 4 figure tax refund.

Would you...

1. Fill some holes in your 7070?
2. Buy bullion silver?
3. Buy one wicked nice coin you've wanted for awhile?
4. Let the spousal unit decide what to spend it on.? >>




I certainly would NOT be buying anything high dollar at this time (i.e. #3).
Spend part of it on your family and buy yourself a couple of coins for your 7070.

anablep

Take your family on vacation.

mercurydimeguy

Pay off any debt you have, first, and then/if you have no debt treat yourself to something nice...a rare/scarce coin you wouldn't normally buy because it's expensive.

Just my 10 cents

/mdg

BigE2

<< <i>Pay down debt !
but, this is just my opinion.


Joe

edit to apologize >>




No debt to pay down. No need to apologize

BigE2

<< <i>What would YOU do? Tax refund windfall


Adjust your Form W-4. >>





Already adjusted. Some witholding implications were overlooked last year

Shamika

BigE2 - Assuming you have no debts other than a mortgage and possibly the car bill, I'd go after one wicked nice rarety.

And for the record, I've already did this very same thing several years ago when I too received a large refund. No regrets!

09sVDB

Start with #3 and go to #4. If it works out, spend 1/2 and put the rest away.

BAJJERFAN

<< <i>Nobody should have a large refund. I don't like lending anybody money for 0% interest. It is easy to get %3 CA tax free interest so why not pay the minimum estimated tax possible? >>



3% on $6K is chicken feed. Its not like Unka Sam had full use of the entire $6K for 12 months. If you assume your excess taxes accumulated $500 at the end of each month you would have earned a whopping $1.25 after 2 months. Most people aren't disciplined to save the $500 a month and are probably better off getting a lump sum refund esp. if they spend it wisely. If you are paying off credit card debt its definitely better to pay off the $500 a month. Of course the $500 excess could have materialized in the last month of 2006. The one big drawback for most folks is that the big refund will need to be declared as income the next year, but to each his/her own.

RedneckHB

You should save it and prepare for your coming financial burden. Lots of people going on the public dole in the next 20 years.

JRocco

What I would really suggest is just dropping it in your savings account and continue doing exactly what you have been doing. Just having that extra buffer in savings is a good feeling and when something does come up, you don't have to panic.

Musky1011

buy some stock, ticker symbol HOG and come along for the ride

topstuf

Park it in GGN and let gold rise in it while it pays 6.4% .... on a monthly basis.

Gold fund and dividend. Yum.

jmski52

Mr. Robinson to Benjamin: I'm only going to tell you one word........."Platinum".................


(Of course, silver would work, too.)

mgoodm3

Mine is going into my retirement fund. I'm on the sell coins to buy coins track now.

mozin

There is no question what I would do, and in which order.

1. Add more exemptions so that in upcoming years I would owe Uncle Sam a small amount extra on filing date.

2. Pay down joint debt with the rest.

3. If and only if there is no joint debt left, pay off my own debt.

4. If there is anything left, I would place my remaining half of the joint refund into a mutual fund money market account, one which allows me to write checks in small amounts, like $250 or more. Vanguard has many of these, and they are currently paying over 4% daily interest with no penalty for withdrawals.

5. When I find a coin or coins that I want, I would write out a check from the above mentioned money market account.

57loaded

All it means is you paid the IRS too much money and they had it....nothing more, windfall? lol

clarkbar04

I bought a 68 GTO.

mgoodm3

Sometimes you can't avoid paying in too much. If your total income is variable and not known until the taxman does all of the work the IRS wants you to pay in at least as much as you did last year. If you don't pay it in and you end up making as much or more than last year, you get hit with penalties. Then if they figure out that you really made less, you get a refund. That's what happened to me this year.

AuldFartte

I haven't had a refund since 1981 ...

dtkk49a

Tradedollarnut rule number 1 - Buy the best coin you can at the best grade you can afford.