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Old 01-15-2014, 04:01 PM   #29
D Griff
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Pay off debt... student loans
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Old 01-15-2014, 04:02 PM   #30
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Do you guys not get money back for RRSPs (Registered Retirement Savings Plans), I believe you guys call them 401Ks.

In Canada we get about 30% back on anything we contribute to them (this number is capped) so I always get a tax return.
401k contributions are pre-tax. So...yes? Reduces your taxable income but that doesn't mean you get a refund. Refund is an overpayment of taxes throughout the year and you should adjust withholdings to minimize that.
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Old 01-15-2014, 04:06 PM   #31
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Pay off debt... student loans
You one of the few that actually used your degree/schooling or since change fields?
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Old 01-15-2014, 04:08 PM   #32
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Pay off debt... student loans
I know how you feel. Hopefully finish paying them off by next year though!
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Old 01-15-2014, 04:10 PM   #33
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gona save that betch for that F23. then be broke because i will be fillng up all the time
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Old 01-15-2014, 04:10 PM   #34
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Old 01-15-2014, 04:11 PM   #35
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Clearly I know I could adjust my dependents and probably get close to $0 but why not, For the extra $50 or so that I'd get back on each pay check throughout the year that I wouldn't even notice. I'd rather get a large check at the end of the year, it makes it feel like free money to me or rather a forced savings account that I wouldn't likely do on my own
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Old 01-15-2014, 04:12 PM   #36
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No this shit again... ima get nothin back per usual
then that means you are doing it right, no?

i claim 0, but i feel like i should at least claim 1 or something. i would like to get more of my paycheck.
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Old 01-15-2014, 04:12 PM   #37
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track/summer tires.. maybe wheels too. other than that, all bills, Honda Odyssey maintenance ($$$)... maybe a 2015 WRX, who knows
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Old 01-15-2014, 04:12 PM   #38
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Michelin A/S 3's on order!
good choice
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Old 01-15-2014, 04:13 PM   #39
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401k contributions are pre-tax. So...yes? Reduces your taxable income but that doesn't mean you get a refund. Refund is an overpayment of taxes throughout the year and you should adjust withholdings to minimize that.
^This. And I'm a government employee, so no 401K. I have a pension and an "employee savings plan" that contributes as much as $25 per month to my savings. No thanks, I'll invest that money in other, much more profitable ventures.
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Old 01-15-2014, 04:14 PM   #40
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401k contributions are pre-tax. So...yes? Reduces your taxable income but that doesn't mean you get a refund. Refund is an overpayment of taxes throughout the year and you should adjust withholdings to minimize that.
Ya you could adjust your taxes if you know the set amount you will contributing but if I have extra money in savings at the end of the year I will dump a bunch more into my RRSP and get a return. If you are going to give a set amount and you know you will be giving that exact amount then you could adjust throughout the year I guess.
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Old 01-15-2014, 04:19 PM   #41
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bought a house last year, going to get a nice chunk of money back for that.. but unfortunately a child is on the way, so the refund goes to savings for when the lady is off work for a couple months. The life of spending a tax refund like lottery winnings is sadly over
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Old 01-15-2014, 04:23 PM   #42
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yep, 401k , Roth IRA, health coverage, all that shit can affect your taxable income, good or bad, depending on how you do it.


And yes, the mortgage interest deduction is a huge helper come return time. As can property taxes.
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