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Reply to "First return after buying house- How much did you get back ?"
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[quote=Anonymous][quote=Anonymous]Yes rates are low now so you won't earn much in interest, per se, but why in the world would you loan your money to the govt. for free when you can engage in tax planning and keep it for yourself? That $1k example that I could have given the govt. at no return to me would have earned 8-12% if invested in my portfolio last yr. YMMV but I prefer to do it that way... remember too that if points are financed they must be amortized over the life of the loan, so very little deduction per year vs. a cash payment of points... [/quote] There actually is a logical reason to over-withhold, but it's not terribly common. The government sells I Bonds: they're guaranteed to earn an interest rate par with inflation, have milder redemption penalties than EE Bonds, and interest earned is tax free if used for college expenses. They are such a good deal that you are limited to buying 10k worth per social security number, per year. However, if you over-withhold you can request your refund to be in the form of I Bonds, to a limit of $5000 regardless of how much you have already purchased. Now, not many people are buying $25k in I Bonds each year, but it's a sensible thing to do if you're capable.[/quote]
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