Any plans for this year's tax refund yet...?

[Steve DeRosa]

Got your new amp right here - face it, you've always wanted one - and now at 40%+ off it's actually within reach:



https://www.musiciansfriend.com/ampl...aker-combo-amp

[PapaLobo]

refund? not for us retired folks

[Mbroady]

Had a nice refund come through. Just re-homed a dog so the refund is going to all the supplies needed: doggie door, initial vaccinations/check up, gps tracker, toys, a years supply of dog food and treats. We did put up a hundred square foot of t-post/hog wire fencing. We are contemplating an invisible fence for the rest of the property.

Anything left over will go to school supplies for my daughter who is going into the second grade.
Music related funds comes from the sale of other musical related stuff.

Got a great river Pre and an apogee Rosetta 200 that is being sold to fund a Webber OM.

[Jamolay]

I had to pay the piper this year. A few financial maneuvers in prefer to keep a home as a rental and buy a new one left me with an expected, but large, tax burden. Not to mention a plethora of new house expenditures. Sigh, fewer toys this year.

[Bob Womack]

Most of it will go towards retiring some recent medical debt, but there might be a few pesos left for the music kitty. We''ll see.

Bob

[David Eastwood]

Originally Posted by PapaLobo

refund? not for us retired folks

Not quite sure what being retired has to do with it, but this retired couples' refund went toward some new furniture.

[LAPlayer]

Originally Posted by David Eastwood

Not quite sure what being retired has to do with it, but this retired couples' refund went toward some new furniture.

Since you posed the question - Let me explain it for you. Retirement, much like working, has an income range. For some retired folks their entire income places them in the poverty range. If their entire income is coming from Social Security, assuming they paid in their required 40 quarters, this amount could be bleak. From AARP, "A single person born in 1968 who has averaged a $50,000 salary, for example, would get $1,410 a month by retiring at 62"

That income equals $16,920 per year. From that taxes, which vary, are paid. Out of that comes their Medicare, if they don't qualify for Medicaid, and other expenses like rent, mortgage...... Many people couldn't or didn't plan for "retirement" which might have come earlier than expected due to medical, downsizing or other factors. Consequently minimal, if any, refund will be expected. U.S, poverty level income for 2024 is $15,060. If one averaged less than the $50,000 that I posted (and many do) their income is even less.

Many of us who have been blessed with better-than-average situations and circumstances sometimes forget those not so blessed.

[bfm612]

Originally Posted by LAPlayer

....Many of us who have been blessed with better-than-average situations and circumstances sometimes forget those not so blessed.

Sounds you’re both effectively making the same point: that being labeled “retired” doesn’t mean much in terms of whether you’re making a lot of money or relatively little money. Some continue to earn enough to be taxed and even retire early, while some see a big decline in earnings. Just doesn’t say much one way or the other!

I got a refund this year, but I’m being more conservative and won’t be spending it on anything fun. Bummer, but it’s the grownup thing to do right now.

[PassingThru]

This year's refund, last night's casino success, or today's nine liner win will surely go for something I literally do not need to add to my fifth wheel RV. Looking HARD at a Martin Modern Deluxe (18 or 28 series), or a Fishman Loudbox Artist, or a Bose system. All too much for my humidity filled lifestyle but I'm not getting any younger either. Or maybe it should be "smarter".

[DanR]

Originally Posted by PapaLobo

refund? not for us retired folks

I'm retired and I actually got some of my property tax refunded by the state. Still, it wasn't enough for a major purchase. I'm fine financially but I have been trying to scale back as I had a bunch of equipment that wasn't getting used.

As far as new gear, never say never.

[leew3]

Originally Posted by PapaLobo

refund? not for us retired folks

Actually I over estimated the amount to have withheld from the SS so did get a refund. It's long gone...and I don't know what it was spent for though!

[xStonr]

Originally Posted by PapaLobo

refund? not for us retired folks

I resemble that statement.

[rollypolly]

Got a decent refund back in February but don’t know where it went. I’m eyeing vintage guild hollowbodies though.

[rokdog49]

There’s no refund in our household. It’s our money to begin with.
Thanks to my wife and her astute management of our money, the government gets the correct percentage of withholding throughout the tax year and not a penny more.
We keep every ounce of income we get, invest it and make interest on it.
It’s pretty simple and I highly recommend it.

[mr. beaumont]

Tax refund? What's that?