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<blockquote data-quote="MattM" data-source="post: 5699222" data-attributes="member: 53192"><p>Nine out of ten people I interact with tend to not know that tax refunds are TAX OVERPAYMENTS. Truly nothing more. Sure there’s some tax credits for kids. But by and large, you’re simply getting back what you overpaid on, it’s not free money. </p><p></p><p> I have a few coworkers who are married with kids but still claim zero (old method) so they can have more withheld each paycheck and end up with a huge tax refund. I don’t get people who budget their year around their February return funds. Even if you owe, the underpayment penalty is not that harsh. It’s basically a free loan if you have to owe by end of the year.</p></blockquote><p></p>
[QUOTE="MattM, post: 5699222, member: 53192"] Nine out of ten people I interact with tend to not know that tax refunds are TAX OVERPAYMENTS. Truly nothing more. Sure there’s some tax credits for kids. But by and large, you’re simply getting back what you overpaid on, it’s not free money. I have a few coworkers who are married with kids but still claim zero (old method) so they can have more withheld each paycheck and end up with a huge tax refund. I don’t get people who budget their year around their February return funds. Even if you owe, the underpayment penalty is not that harsh. It’s basically a free loan if you have to owe by end of the year. [/QUOTE]
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