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How are you spending your Tax Refund?

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Established Contributor

Re: How are you spending your Tax Refund?


@plasticbill wrote:
...
I paid a $35 underpayment penalty for going exempt. Well worth it if you ask me

If your underpayment penalty is only $35 after you did not withhold any federal income tax, doesn't that mean you didn't owe much income tax in the first place?

Message 61 of 64
New Contributor

Re: How are you spending your Tax Refund?

The penalty was $35. I paid the federal tax due based on my tax bracket which was around $10k. I was only exempt for about half the year so I owed about half that when I filed my taxes. Plus $35 penalty fee.
Message 62 of 64
Frequent Contributor

Re: How are you spending your Tax Refund?

Paid off a credit card and a medical bill from a surgery in 2018 that needed to go away. Well worth getting those behind me!

Back In the garden until March 2020
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Message 63 of 64
Established Contributor

Re: How are you spending your Tax Refund?

My fiance and I are hoping to buy a house next year, so we both put 100% of our tax refunds into our joint savings account. Almost have $10,000 saved now!

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



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Message 64 of 64
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