w2

moreluck

golden ticket member
""It's my money and I want it now!"[/QUOTE " (upstate)

Yet you let the gov't play with YOUR money for a year. Makes no sense!
 

Nimnim

The Nim
Yet you let the gov't play with YOUR money for a year. Makes no sense!

I've heard this argument, and at first it made sense, then I thought about how big the deficit is. Giving them the money or not isn't making a difference, it's already spent.
 

texan

Well-Known Member
""It's my money and I want it now!"[/QUOTE " (upstate)

Yet you let the gov't play with YOUR money for a year. Makes no sense!

I agree Moreluck. Each year I calculate, then adjust withholdings every few months so that I have no refund,
or I end up owing them 50 to 100 dollars.

I am not perfect in my calculations, but I would rather owe them
100, rather than not having 1,000 to 3,000 for spending / savings through the year.

It is a Blessing that I can go to UPSERS.COM and adjust as needed.

I can never understand people letting the government have 1,000 to 3,000 of their spending money
for a year with no interest.

Then comes that "BIG" check, and binge spending occurs in one week.
 

texan

Well-Known Member
You could put it in the bank and earn .000001275% interest.
Good point on savings rate of return, but one can draw it when they need it for a blown car engine, failed
washing machine when needed, rather than having to wait until Jan or Feb of the next year.
 

Babagounj

Strength through joy
I enjoy this time of year , all those gray plastic covering smalls which contain someone's w-2 start to pile up in the customer counter holding area .
USPS plastic totes piled higher & higher each day .
So many NSP or Moved.
 

Kae3106

Well-Known Member
There is no reason to wait for the paper version to arrive in your mailbox. You can download your W-2 through the ADP link on upsers.com on or about Jan. 20. You can also use your last paystub of the year to prepare your taxes and then wait for the W-2 to make sure the totals match exactly. If you use your paystub make sure you subtract your traditional 401k contributions from your Federal wages only to ensure you get the tax advantage and the proper refund.

My return is sitting there ready to file. I am just waiting on H&R Block to release the latest update (today) and will then file over the weekend during the football games.

"It's my money and I want it now!"

The IRS will not accept efiled returns until Jan 22 and will not begin processing any returns until Jan 30th. :(
 

Jackburton

Gone Fish'n
You could put it in the bank and earn .000001275% interest.

Or invest it in a mutual fund and earn 10%+. Or better yet figure out how much you've been getting at the end of the year and do a Roth deduction of your check of that amount divided amongst 52 weeks. Some of us have to wait till Feb for our investment 1099's anyways.
 

brownmonster

Man of Great Wisdom
Or invest it in a mutual fund and earn 10%+. Or better yet figure out how much you've been getting at the end of the year and do a Roth deduction of your check of that amount divided amongst 52 weeks. Some of us have to wait till Feb for our investment 1099's anyways.

If you invested in the market in 1999 your 13 year return would be close to zero. Chasing a 10% return might be a pipe dream. I hope not, I'm still all in aggressive in my investments.
 

Jackburton

Gone Fish'n
If you invested in the market in 1999 your 13 year return would be close to zero. Chasing a 10% return might be a pipe dream. I hope not, I'm still all in aggressive in my investments.
We've had some rough spots but dollar cost averaging over time will payout more than 10%. Diversifying also protects your investments, kinda like when the European debt crisis with Greece was tanking the International fund in our 401k earlier in 2012. Since the rebound it's actually one of the highest return rates in the choices available in our 401k portfolio options. edit 18.85% to be exact.
 

brownmonster

Man of Great Wisdom
We've had some rough spots but dollar cost averaging over time will payout more than 10%. Diversifying also protects your investments, kinda like when the European debt crisis with Greece was tanking the International fund in our 401k earlier in 2012. Since the rebound it's actually one of the highest return rates in the choices available in our 401k portfolio options.

Through thick or thin I've never wavered. Kept buying on the way down and on the way up. Give me 10% a year for the next seven and my nest egg will double just in time for retirement.
 

Jackburton

Gone Fish'n
Through thick or thin I've never wavered. Kept buying on the way down and on the way up. Give me 10% a year for the next seven and my nest egg will double just in time for retirement.

The next decade is going to be strong. I think we'll have some dips here and there but overall I think we are in for an economic boom in the next few years.
 

brownmonster

Man of Great Wisdom
The next decade is going to be strong. I think we'll have some dips here and there but overall I think we are in for an economic boom in the next few years.

I agree. Too many businesses with cash that have been holding back and too many investors sitting in cash on the sidelines.
 

UpstateNYUPSer(Ret)

Well-Known Member
Or invest it in a mutual fund and earn 10%+. Or better yet figure out how much you've been getting at the end of the year and do a Roth deduction of your check of that amount divided amongst 52 weeks. Some of us have to wait till Feb for our investment 1099's anyways.

Your 1099's aren't available online?
 

moreluck

golden ticket member
This could apply to anyone. In a hurry to file your taxes?
In March, there will be 2 dozen or so tax credits made
available to certain people.

Unless you check them out you don't know if they apply to
you or not. Tax credits are supposedly 100% and better
than tax deductions.

Be sure and check them out and see if they are helpful to
you. Since getting refunds seems to be the goal here....maybe
waiting 'til March will get you more money.

I didn't put any link in this post. The credits will appear and be available
in March to maybe use in your filing. If it seems like something you
want to check out, you'll find it and there will be no complaints about
sources I link to.
Good luck with that!
 

UpstateNYUPSer(Ret)

Well-Known Member
Yes, but they have until the end of Feb to post them. Last year they took till the last minute to have them available.

Wouldn't you be able to access the necessary information through your monthly statements? I received my 1099's for my mortgage in the mail yesterday--they matched the information that I was able to access through my online account.

If additional tax credits become available after I have already filed I will file an amended return. (1040X) Amended returns must be filed on paper---they cannot be e-filed---and generally take much longer than a traditional return to be processed.

To those who are wondering why I am in such a rush---I recently opened a Roth IRA and plan to use my refunds to fund it for 2012---I need to do this by April 15th. The funding limit is $5K ($6K if 50 or older) and I plan to use this method of using my tax refunds to fund the prior year's investments whenever possible.
 

Ms.PacMan

Well-Known Member
Upstate - if you are filing form 8396 - mortgage interest credit, you will have to wait until late Feb/March. It's on the list of one of the forms that will change and not yet available. E-file with direct deposit should still get you your return in about 2 weeks.

If you don't mind me asking - why are you funding your Roth this way?
 

UpstateNYUPSer(Ret)

Well-Known Member
Yes, I was planning on using that form. Thanks for the heads up.

I am funding my Roth this way because quite frankly I don't currently have the funds available to do it otherwise. I planned on using my refunds and some of my savings to set aside the $6K for 2012. The Roth is not with UPS---it is through Edward Jones.
 
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