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How Will You Spend Your Refund?

Taxes 101

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Everyone is talking about their tax refunds. In fact, a ton of people have filed their taxes already, and are waiting for their refunds. What will you do with your tax refund?

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  1. Since my husband lives in NY because of his employment, and I live in NC with our son, we plan on taking a vacation so we can be a “family” again.

  2. I plan to take my wife on a mediterranian cruise, 9 nights, in a private balcony staterroom, cruising the world thanking TurboTax for increasing my refund and help me qualify for more.

  3. Thank you for asking, I appreciate your caring.

    I will use the tax refund to invest back into my upstart business.

    My vision and I take action on it everyday is to create profitable income for local business owners. Helping them to grasp, understand and utilize online and social media marketing so we are both creating new jobs for our country and economy.

    Going to SXSW will allow me to continue the process I started of building relationships with leading minds from all over the world. To meet and partner with some of the community I have interview on the radio show would be an awesome step to grow and have a powerful effect for all involved…participants at SXSW, presenters SXSW and Me!

    Someday soon I will be presenting at SXSW and can talk about how my first time there was from the proactive thinking of Turbo Tax to give back to small biz owner who’s vision and actions were to create a stronger economy for small business…and it helps my birthday is April 15, lol.[img][/img]

  4. Our tax refund is going to sending my 12 year old and husband to Dallas for the World Championship for Vex Robotics.

    He and his team won an excellence award for design, programming, and community service! I’m so proud of him. We are looking for sponsors, but if they are going no matter what!

    In this case it’s a once in a lifetime event versus my typical answer-debt repayment.

    I would LOVE , LOVE , LOOOOOOOVE to attend SxSw. It would be huge for me personally and professionally.

  5. I’m in the same boat as James T. I started a web development company about a year ago with my wife, and we’ve put everything we have into it. Any refund we get (not expecting it this year) will go right back into the business.

    Going to SXSW Interactive would be a huge boost for our networking, marketing, and sales. It would help us make a splash in a very large, loose-knit community. Our goal is to be able to expand the business over the next couple years and help out the local community by putting people to work.

    We figure that the great thing about starting a business during these tough times is there’s nowhere to go but up, as long as you can weather through it. Thanks TurboTax for offering great services to individuals and small businesses, and thank you for making this opportunity available.

  6. Hopefully a trip to Austin! I’m a web designer and have dreamt of being able to go to SXSW for some time and learn about all the latest that’s going on in the industry. I run my own business and it’s really small, and i’d love to be able to network and market my services to others in the industry and collaborate with other firms on projects. Thanks!

  7. My fiance and I are getting married in May and don’t have money leftover for the honeymoon. We hope that we’ll get enough back to put towards a weekend getaway so we’ll have something to look back on fondly someday.

  8. I’m putting our tax refund in our kids’ college savings accounts. With the way education costs keep rising, they’re going to need every cent they can get.

  9. We need a new roof and as New Jersey and the USA are offering tax incentives to go solar we can install solar panels on the south sloping side of our roof.

    This years refund will enable us to buy the solar panels and we’ll then be able to deduct 30% of the cost off next years Federal income tax and $1.75 per watt installed up to 10,000 watts from our NJ State income taxes.

  10. Will be socking away our refund for our kids’ college fund… and maybe use a little to take the kids to SXSW too and sightsee around Austin. Never been and would love to go. Thanks TT!

  11. Considering it’s only money I would spend half of it on something I would enjoy, like a trip to Italy. The other half would be on the back burner till I got back. Remember people you can’t take it with you when you die so make it worth something.

  12. I would use a big refund to pay off my last credit card, then I’d pay to send my son back to college.

    Then, I’d adjust my W-4 so my refund wasn’t so big next year and invest the difference. Let’s not give the government an interest-free loan, eh.

    1. Shawn,

      It’s sad but true – Nick can’t go to SXSW. SO, you’re our new randomly chosen winner. You have to get back to me by Tuesday though so we can get you your two SXSW tickets; I’ll email you in a few.


  13. Well since I was just $50 off the average for 2009, I can tell you what I DID already do with my refund…I put the whole amount into my Roth IRA – I’ll let you know what how much it turns into in 42 years when I need it!

  14. Although lots of people have structured places to spend their tax refunds — after losing three of my best friends to cancer in the past 2 years to cancer — they were all my age — I want to spend the money to enjoy an experience — would plan a trip to return to Italy in September and visit Sicily and the Amalfi coast.

  15. I’m going to buy $700 worth of insulation material to combat the nightly noise from my noisy downstairs landlord neighbors. Yeah!

  16. I’d donate it to a charity. With a 25% marginal federal, and a 5% marginal state rate, The charity would get $2,753, and I would get $825 in tax savings. That’s an immediate $3,578. The $825 I would put in a Roth account.

  17. Ours typically goes for a couple of purposes: We usually end up trying to buy something nice to spoil ourselves a little bit, then put the rest into savings. Some goes into our long term savings and some goes into our vacation fund so that we can spoil ourselves a little bit later 🙂

    Might as well enjoy getting back my own money that the government got to overspend on and not give me any interest for 🙂

  18. I would spend my tax refund expanding my newly formed business into new avenues and purchasing equipment that will allow us to perform our services at a higher quality.

  19. Murphy’s Law will dictate. Every year an unexpected expense rears its ugly head right about the time we receive our refund. If we get lucky, we’ll save some and take a family vacation.

  20. Some to pay off debt, some to put down on a car (making new debt, ouch), and a little to spend…but definitely not on Big Macs!

  21. Well, I thought you’d never ask. 😉

    The answer is quite simple, really. I will have to avoid temptation of running off and buying some new gadgets with my check and put the money to good use and pay some of my student loans. My education was the biggest ticket item I’ve ever purchased and it is the one I value most. It can’t get repossessed, but it is what’s allowed me to me to have taxable income. Being ahead on these payments makes sense in the long run since it is less interest that I will pay, and it will help in the event that I lose my main source of income. So for all parties involved, Uncle Sam, my alma mater, the bank and myself, this is always pure win.

  22. Scenario 1 is always the right thing to do! Sometimes the Big Mac calls out your name and you need to give in once in a while ;D

    Although meager this year, my tax refund went to help cushion myself should I need to fall back on it in the future. Life always throws unexpected things your way! It’s a good idea to be ready for those curve balls.

  23. Firstly, Turbo Tax is amazing. Secondly, I just started a small business. We’re a small web garage start-up. I already cashed out my IRA and put am putting everything else on the line to try and change the world.

    If, hypothetically, I received a big refund it would go straight towards the business.

    SXSW would be a dream come true. It’s highly relevant and the connections and networking alone would be worth their weight in gold, not to say anything for all the panels and sessions.

    Needless to say, I’d give you all inappropriately long hugs if I got the tix.

    Thanks again Turbo Tax. You guys rock!

  24. Its all going into the house. What doesn’t go to property taxes will be used for an awesome project:

    Step 1) Tear up the driveway

    Step 2) Put water storage tank underneath

    Step 3) Pave drive with permeable pavers (so rain water collects in storage)

    Step 4) Hook storage tank up to sprinkler system to water lawn

    Step 4.5) Hook storage tank up to a water feature (pond/waterfall) to drown out street noise

    Step 5) Take cement from torn up driveway to create new patio and flag stones around the lab

    This solves so many problems while improving the value of the house: driveway needs to be replaced, water is pooling around the yard, watering the lawn is expensive, I hate street noise, I want a nice(r) patio in my yard.

    Wow, I might need a bigger refund!

  25. Paying off debt related to home remodeling! Thank goodness for a certain homebuyers’ credit. It might actually take care of most of it.

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