What would YOU do? Tax refund windfall

BigE2 · April 20, 2007 10:30AM

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 · April 20, 2007 10:31AM

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

SilverEagles92 · April 20, 2007 10:31AM

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 · April 20, 2007 10:36AM

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

JRocco · April 20, 2007 10:43AM

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

>>

Good one.

Bear · April 20, 2007 10:44AM

I put mine in a CD at 5.46%.

alfalfa · April 20, 2007 10:50AM

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

RJ

roadrunner · April 20, 2007 11:43AM

None of the above.

roadrunner

Hoodlatch · April 20, 2007 11:44AM

How soon can you get to Dalton, Lucybop?

Fairlaneman · April 20, 2007 11:44AM

Buy a raw coin from Stacks.

Ken

fc · April 20, 2007 11:46AM

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

TwoSides2aCoin · April 20, 2007 11:51AM

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

Joe

edit to apologize

Hoodlatch · April 20, 2007 11:52AM

Ssssshhhhhhhhhhhhh!!!!!

Longacre · April 20, 2007 11:55AM

What would YOU do? Tax refund windfall

Adjust your Form W-4.

CarlWohlforth · April 20, 2007 12:12PM

<<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 · April 20, 2007 12:20PM

Giveaways for everyone in the house (forum)!

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

LincolnCentMan · April 20, 2007 12:22PM

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

-David

BlackBeard · April 20, 2007 12:30PM

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

ColonialCoinUnion · April 20, 2007 12:32PM

<< 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 · April 20, 2007 2:18PM

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

JoeLewis · April 20, 2007 2:19PM

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 · April 20, 2007 2:57PM

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 · April 20, 2007 5:18PM

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 · April 20, 2007 5:24PM

<<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 · April 20, 2007 7:43PM

<< 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 · April 20, 2007 10:05PM

Take your family on vacation.

mercurydimeguy · April 20, 2007 10:43PM

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 · April 22, 2007 12:00AM

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

Joe

edit to apologize

>>

No debt to pay down. No need to apologize

BigE2 · April 22, 2007 12:02AM

<< What would YOU do? Tax refund windfall

Adjust your Form W-4. >>

Already adjusted. Some witholding implications were overlooked last year

Shamika · April 22, 2007 12:28AM

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 · April 22, 2007 12:37AM

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

BAJJERFAN · April 22, 2007 1:15AM

<< 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 · April 22, 2007 1:30AM

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 · April 22, 2007 1:43AM

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 · April 22, 2007 9:23AM

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

topstuf · April 22, 2007 10:06AM

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 · April 22, 2007 10:08AM

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

(Of course, silver would work, too.)

mgoodm3 · April 22, 2007 10:12AM

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

mozin · April 22, 2007 10:37AM

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 · April 22, 2007 10:53AM

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

clarkbar04 · April 22, 2007 10:54AM

I bought a 68 GTO.

mgoodm3 · April 22, 2007 11:01AM

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 · April 23, 2007 11:38AM

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

dtkk49a · April 23, 2007 11:44AM

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

What would YOU do? Tax refund windfall

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