Taxes done yet

• Commander of Awesome

  

  like_that;1605730 wrote:Then you should tell yourself to GFY, not the govt.

  How about not? Yeah let's go with not.
• like_that

  

  Commander of Awesome;1605733 wrote:How about not? Yeah let's go with not.

  Then your original post makes no sense since you are ok with handing the govt that much money.
  
  I will say it for you. GFY government.
• ernest_t_bass

  

  Commander of Awesome;1605733 wrote:GFM

  FIFY
• Commander of Awesome

  

  like_that;1605737 wrote:Then your original post makes no sense since you are ok with handing the govt that much money.
  
  I will say it for you. GFY government.

  Not true. I understand the necessity of taxes and understand that I have to contribute. Doesn't mean I enjoy parting with $900.
• BR1986FB

  Got about a $3700 refund from the federal and had to pay $2500 to the state and $1700 to the city due to casino winnings. You can write off losses to the feds from a won/loss statement but that doesn't fly with the state & local. So essentially, I broke even on tax returns.
• like_that

  

  Commander of Awesome;1605739 wrote:Not true. I understand the necessity of taxes and understand that I have to contribute. Doesn't mean I enjoy parting with $900.

  So you wouldn't want to owe less? Got it.
  
  Some people rather have others tell them what to do with the money they earn I suppose.
• Commander of Awesome

  

  like_that;1605742 wrote:So you wouldn't want to owe less? Got it.
  
  Some people rather have others tell them what to do with the money they earn I suppose.

  I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.
• like_that

  

  Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.

  Me too, I'm ok with STATES providing that, but LOL if you think most of the 900+ is going to that.
• SportsAndLady

  

  Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.

  Haha, that is more than likely not where your taxes are going.
• Commander of Awesome

  

  SportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.

  I said etc. My 900 is going tons of places. Hope this helps
• like_that

  

  Commander of Awesome;1605792 wrote:I said etc. My 900 is going tons of places. Hope this helps

  That's 75 less bombers you can buy and post about in the beer snob thread.
• Commander of Awesome

  

  like_that;1605794 wrote:That's 75 less bombers you can buy and post about in the beer snob thread.

  Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!
• ernest_t_bass

  

  Commander of Awesome;1605796 wrote:Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!

  IT'S UNREAL!!! I bought a case last year!!!
• QuakerOats

  SportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.

  True, because 86 million private sector workers are paying for over 108 million welfare benefit recipients, and 148 million total benefit takers:
  
  http://cnsnews.com/commentary/terence-p-jeffrey/86m-full-time-private-sector-workers-sustain-148m-benefit-takers
  
  
  We are at the breaking point.
• Pick6

  

  ernest_t_bass;1604761 wrote:Our total return was about $7,200. 100% spent towards CC debt, built up paying for a Masters degree.

  Why would you pay for your Master's with credit card (and a much higher interest rate) when you could have took advantage of much cheaper loans?
• justincredible

  

  Got $1400 back from the feds. They can GFT. Got $20 back from the state. They can GFT. Owed the city $8. They can GFT.
  
  My buddy ended up getting nailed. Paid off a sizable student loan with some help from his parents. Because they were paying it off at once they worked out a deal with the lender and they knocked $9k off the total. The IRS says that $9k discount is income and he now owes them $2500. They can GFT again.
• Pick6

  

  BR1986FB;1605740 wrote:Got about a $3700 refund from the federal and had to pay $2500 to the state and $1700 to the city due to casino winnings. You can write off losses to the feds from a won/loss statement but that doesn't fly with the state & local. So essentially, I broke even on tax returns.

  well...look who is back.
• Pick6

  

  Got $1900 back from Feds (thank you American Opportunity credit) and a little over $100 for state.
• Laley23

  

  justincredible;1605998 wrote:Got $1400 back from the feds. They can GFT. Got $20 back from the state. They can GFT. Owed the city $8. They can GFT.
  
  My buddy ended up getting nailed. Paid off a sizable student loan with some help from his parents. Because they were paying it off at once they worked out a deal with the lender and they knocked $9k off the total. The IRS says that $9k discount is income and he now owes them $2500. They can GFT again.

  Wow is that some bullshit.
  
  I dont know how the law works in this situation, but I know my best friend paid all his off at once and was able to work out a deal to do so, he didnt have to claim any of that deal as income. Maybe he just didnt claim it and the IRS didnt notice/will nail him in 3 years lol
• Manhattan Buckeye

  Debt that is discounted is considered income. This is going to be a huge deal when all of the students that took tens (if not hundreds) of thousands out for school and are on an income based repayment plan with forgiveness at the end of the term. The student loan bubble is going to be the next thing to burst.
• Manhattan Buckeye

  Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.

  I agree, but your money isn't going there, it is paying for bureaucrats, public union heads, and godawful public schools.
• BoatShoes

  Laley23;1606012 wrote:Wow is that some bullshit.
  
  I dont know how the law works in this situation, but I know my best friend paid all his off at once and was able to work out a deal to do so, he didnt have to claim any of that deal as income. Maybe he just didnt claim it and the IRS didnt notice/will nail him in 3 years lol

  The IRS does this because the courts have determined that the proceeds of a loan will not be included in gross income as you'll pay back that amount in the future so it is not truly a "clearly realized accession to wealth". Any amount that you don't pay back is considered a net wealth gain and like any clearly realized increase in wealth under an income tax regime, is considered taxable.
• BoatShoes

  Manhattan Buckeye;1606030 wrote:Debt that is discounted is considered income. This is going to be a huge deal when all of the students that took tens (if not hundreds) of thousands out for school and are on an income based repayment plan with forgiveness at the end of the term. The student loan bubble is going to be the next thing to burst.

  I agree. I don't think it's very clearly understood by many people on income based repayment plans either...
• Belly35

  

  BoatShoes;1606039 wrote:I agree. I don't think it's very clearly understood by many people on income based repayment plans either...

  Brown Mackie Entitlement Students don't care they don't plan on ever paying anything back ... that how they roll. That what happens with an Entitlement Society and a antiquated Social Services System that encourages and rewards poverty, incompetency and lack of responsibility.
• ernest_t_bass

  

  Pick6;1605991 wrote:Why would you pay for your Master's with credit card (and a much higher interest rate) when you could have took advantage of much cheaper loans?

  Because the credit cards had zero % interest? I'm glad you're concerned, though.