For man, tax refunds come even if they are not overpaying in taxes. If you are among these people, have you made a wise plan for your refund? It can be a cash influx that helps finances. What are you doing with it?

 

We filed our taxes online Sunday afternoon to get it out of the way...since we are pretty much debt free now and not really getting that much back we decided just to put it in our savings account.

Lee:

since we are pretty much debt free now and not really getting that much back we decided just to put it in our savings account.

 

Not having to use a refund for a major repair, necessary purchase or to pay debt is a good thing.

 

We have a few options for our refund, depending on how much it will be. First, we may get a new mattress. We are very displeased with the one we bought last year. (Long story, won't bore you with it.) Second, we may think about buying DD a used car so she can finally get her driver license (neither of our current cars are good for new drivers--a big minivan with blind spots, and a 5-speed pickup.) Third, we may just use it to rebuild our savings account back to a position where we feel more secure.

We usually itemize our deductions, and the IRS forms to do that are not yet available. So we'll wait...

It is nice to not need it for a major expense. There are some little things DH thinks we could use it for but I'm still leaning towards saving it because what he would like to do with it isn't something we can't live without. Besides, he'll be getting his bonus at the end of the month and that's always a nice sum.

In the past, I've used my refund to pay down debt.  Now that all I really have left is the mortgage and a private loan from a family member, along with increasing expenses and decreasing income (I have to pay for part of my health insurance now, which I didn't before - leading to a net decrease in income) I intend to put any refund into savings against unplanned expenses, such as home or car repairs.

It's going into my land purchase fund.

I don't know how much we're getting back at this point since I have to delay filing until 2.14, but I'm guessing most of it (75%) will go into savings to replenish the emergency fund.  The rest will be used for necessary expenses -- a minor repair on the car; a trip to the dentist for me & DH; a donation to church; paying off my medical bills.  If we get more than I'm expecting, I need to bank it b/c DH & I are going to have to replace the home computer at some point.  As a student I get uber discounts on software, but we'd still need a cpu.

I am planning to use it to pay my bills in the summer.  I am a 10-month employee (teacher) and don't get paid in July and August.  I know I'd much rather spend my summer with my son and keeping house than working.

We are only getting about $400 for federal and state. Not sure what we will do with it. I am just thankful that we didnt owe anything. Being self employed you never know how it will come out at the end of the year. Babs