Filing Taxes

[Andrew]

Got everything I needed last week and did the whole thing on Saturday. E-filed so hope to have the refund next week. Yes, there's a fairly substantial refund because I haven't updated W4s in quite a long time. I'd rather give a no-interest loan to the government than the other way around.

[Alex]

Originally Posted by Ghoulish Delight

Time to move that money into something that will actually earn something.

Good luck. If you find anything let me know. Short of the risk of actual investing, nothing has sufficient interest that I'm willing to be illiquid with the funds.

Originally Posted by Andrew

I'd rather give a no-interest loan to the government than the other way around.

While I'd rather go the other way (I'd rather owe $1000 than get a $5000 return). It has proven impossible to get the withholding adjusted correctly to avoid the underpayment penalty. Every year I say "please! take out more!" and then come tax time I still end up owing a few thousand and paying a penalty.

Still, I'd rather pay the penalty than deal with the hassle of deductions, accountants, and saving receipts.

Hopefully I'd do them this weekend so I know how much we owe and then wait until 4/15 to pay.

[Ghoulish Delight]

Originally Posted by Alex

Good luck. If you find anything let me know. Short of the risk of actual investing, nothing has sufficient interest that I'm willing to be illiquid with the funds.

Well, even the paltry rate offered by my credit union for regular savings would be 25x the rate Chase is currently offering. But then, I can put most of what's in regular savings into something less liquid, so that's what I'll be doing.

[alphabassettgrrl]

I'll be filing in March. We have an accountant do them; not because it's hard, but because I don't feel like dealing with it. Usually he gives us an appointment in February but this year it's March.

[Kevy Baby]

Originally Posted by Andrew

I'd rather give a no-interest loan to the government than the other way around.

I am SO with you on this. Especially now, with interest rates so low. The refund is what is allowing us to purchase a new bed.

[Alex]

My Chase savings account is currently paying 0.35%. Somehow I doubt you're getting 8.75% at your credit union, did you mean 2.5x?

I'm getting 0.8% at USAA which is still utter crap (though this is where we keep our savings account money, I have $19 in my Chase account for work purposes). I'm too lazy to chase the better returns from short-term offers or dealing with smaller non-local institutions. But if you're not aware of it, check out money-rates.com. If you're willing to constantly monitor your accounts and move your money around as necessary you can keep standard savings rates well above 1% which isn't bad in the current climate.

What I really need is a major institution to go into crisis again and desparately need to boost deposits. I'm still riding the 4.5% CDs I got when WaMu was in crisis mode, wish I'd gone in bigger. Unfortunately we're facing a big financial decision within the year so I don't want the money illiquid. By the end of the year if we don't pull the trigger I'll be dumping money into better things

[Ghoulish Delight]

Hmm, I'm getting .01% at chase. I'm clearly doing something wrong.

[Alex]

Hmm...just checked the published rate sheet and see that .01 is what I should be getting too. I'll have to investigate. Glad I don't actually have any money here.

0.25% from your credit union is surprisingly sucky too, though.

[Ghoulish Delight]

I took a closer look, there are savings accounts at Chase that give .35, if you have enough in them and have them linked to your checking.

Of course, I thought I swear I meet both those criteria and I'm still only getting .01%, so I still need to bug them.

A closer look at my CU, and I'm actually getting .65 from my money market acct.

[Alex]

Originally Posted by Ghoulish Delight

I took a closer look, there are savings accounts at Chase that give .35, if you have enough in them and have them linked to your checking.

And mine aren't linked, have almost no balance, and haven't had activity in months. So I don't know. 0.01% and 0.35% are the same thing when you have $19 in there.