speaking of taxes #2

[houseelf]

Are you getting a refund? If so, what do you plan to do with it?

Kelly

[houseelf]

We are getting a whopper of a refund. (We are entitled to credits for tuition paid, interest on student loans paid, child care credits, mortgage interest deductions, and we don't make squat). We are using our refund for tuition for our son and daughter.

Kelly

[JaneDoe]

We're getting one and spending it on paying off our dining room table that we bought a while ago. We bought it at one of those "no interest for a year" deals.

[Vishenka69]

I miss my refunds. Now that we have two incomes, we actually pay. Enjoy them while they last. We used to flush the whole thing on a vacation.

[DCJenn]

Oh yeah are we getting a refund this year. Thank you Adoption Tax Credit. (plus my student loan, etc. We actually have a 3700 credit to use next year because we didn't use it all this year)

and we will pay off the hotel/airfare credit card, and whatever else is lingering. We are also expecting about 10k back from the trade-in for Rick's car which will pay down the other adoption credit card. (This kid was EXPENSIVE!)

We're not planning on using the cash for the downpayment on a new house because we should make enough on this one to finance anything in San Antonio.

Just getting those credit card monkeys off our backs will be a relief.

Jenn

[Cumberland]

We have to pay capital gains on the sale of our house so this is the first year ever we will pay. DH has a meeting with our first ever accountant next week. I am scared about how bad it will be.

[SueC]

Yes!!! A pretty good one, too! We're going to put on a new roof and pay for part of the new windows that we are replacing. (Our house has 40 old windows and ALL of them are drafty and need to be replaced--it's gonna cost us a small fortune!)

We will be getting one, but I'm not sure how big it will be. Whatever it is, it will go to pay debt - I'm sure.

[Amiens]

We are getting a good size refund, and will use it to open a Roth IRA for me and contribute for the last time to Matt's.

Next year it looks like we will be owing taxes.

Crystal

[BonBon]

OMG, no refunds here but if you had any idea what we pay in taxes... :thud: Fricking AMT!

Crystal, I didn't know you could open up a Roth. I swear we checked into it for me and we couldn't do it. Must check this out again!

[Amiens]

OMG, no refunds here but if you had any idea what we pay in taxes... :thud: Fricking AMT!

Crystal, I didn't know you could open up a Roth. I swear we checked into it for me and we couldn't do it. Must check this out again!

Because we have 6 months of residency income and 6 months of attending income- we just barely made it under the income cap. Needless to say this is the last year we can do it. Next year we get hit with AMT, and our income will disqualify us for opening and contributing to any IRAs. Our accountant's advice was do it, as this will be the last and only chance.

We've set-up our paycheck this next year to help us a bit more- utilizing the cafeteria plan, and 401K. Our plan is to take a bit of our paycheck each month and put it into an interest bearing account of some form, to save up for what we potentially owe.

Never thought I would have to save money to pay my taxes.....

[DCJenn]

Let's hope that Congress gets brave enough to attack the tax code this year. We got smacked with the AMT last year but because I'm not working this year we managed to slip under the radar screen again.

We really all should write to our respective congress people and make sure they realize how important this is, especially during an election year.

J.

Let's hope that Congress gets brave enough to attack the tax code this year.

We will miss out (boohoo!) on the AMT this year and next, fingers crossed. But then we will be right back in there again.

I don't want to jinx anything, but I think we might get a refund this year. It will just go back to savings to replace what I've already paid in quarterly payments.

Yeah, someone needs to tell congress that $100K or whatever it is does not make you wealthy. Just freaking change it and nobody try to put any riders on it at allso it can actually get passed on its common sense merits alone.

[spotty_dog]

We should get a fat refund, as my employer unnecessarily withholds from my paycheck against DH's tuition reduction as if it were cash income. We've ordered a spinning bike for the house with that as the justification.