2007-03-20 10:13:48 · 9 answers · asked by the man 1 in Business & Finance ➔ Taxes ➔ United States
1. If you don't already have 6 months salary in ready cash, put it all in the bank.
2. Immediately go to your employer and correct your withholdings. That's an INSANE amount of $$$ to lend to the government interest free!
2007-03-20 10:50:51 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Do you have any bills for which you're paying high interest? We put our refund towards the principal on our mortgage.
If not, buy yourself a couple great outfits for Spring/Summer, then put the rest in a short term CD while you figure out what else you need.
Or use part of it for a vacation, and save the rest.
You may want to cut down on how much you're having taken out of your paycheck. The government is making interest on that money that you could be saving and making interest on.
2007-03-20 10:29:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Buy a home. Catch up on IRA. Change your withholding.
www.irs.gov, individual, withholding calculator. Complete the process.
You will probably get some mail from the IRS regarding this.
good luck
2007-03-20 10:26:26 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 1⤊ 0⤋
If you have high interest loans like credit cards, pay them off. Save the rest.
Then go change your W-4 so you don't lend the government all that money interest-free again next year.
2007-03-20 14:53:53 · answer #4 · answered by Judy 7 · 3⤊ 0⤋
I have a brother who did the same thing--wife & 3 kids, 0 exemptions--he liked the BIG check--he called it forced savings
2007-03-20 13:56:32 · answer #5 · answered by barbara 2 · 0⤊ 0⤋
Spend some of it on something you need, to reward yourself, but save or invest most of it in a mutual fund.
2007-03-20 10:17:32 · answer #6 · answered by kr 1 · 0⤊ 0⤋
Hire a CPA to find out why you overpaid so much to begin with.
2007-03-20 10:18:50 · answer #7 · answered by K H 4 · 2⤊ 0⤋
Go see a shrink to get treatment for lying.
2007-03-20 10:19:39 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Bet it ALL on black!!
TFTP
2007-03-20 10:21:20 · answer #9 · answered by Anonymous · 0⤊ 1⤋