A gal I used to work with said it was the only way she would save.
I never understood it eiither.
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People like that are stupid. They could have a direct deposit amount put in a locked savings account (Xmas club).
Explain this to them and they come up with other excuses. I think some people think getting a “refund” is lowering their tax liablities.
I never understood it either.
Possibly because once you give it to Uncle Sam, no matter how badly you need it back, you can’t get it ‘til tax time but with a savings account you can.
The only time we ever got a huge refund was in 2011 when we adopted two children. That was in May of that year and I never gave the tax implications a thought, until income tax filing time. Adding two dependents made a huge difference and we got (if I remember correctly) around $6500 back (No E.I.T.C. involved).
I’ve since adjusted withholding accordingly.