TAXES!

[GrayMatterWife]

Do we already have a thread on this??

Who's done with their taxes? I just finished ours! Whew... What a pain but...it's nice to have it DONE!!

[Tenacious_D]

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We needed the money so I took care of them two weeks ago and are using the returns already to pay our rent! I never knew how great it was to have a baby right before the tax season!!

[HouseofWool]

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I am picking mine up on Monday - the money back will help!

[mommax3]

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DH is upstairs working on them right now. We are not optimistic. He has had to make quarterly payments over the past year, so hopefully that will lessen the sting somewhat. I am happy for everyone who is getting something back....that was us for many, many years and I remember what a nice feeling it was to actually have a big chunk of money to do something constructive with. Enjoy!

Sally

[scarlett09]

Re: TAXES!

I did mine last weekend. I am getting the largest return in my less than 10 years of filing taxes. I have no idea how I managed this, in a year where I made 10% less than last year and took on another $10K of debt for grad school. This return will be a huge help when we move in June and have to subsist on Ramen noodles unti DF's first pay in July. Maybe now I can buy Top Ramen instead of just plain old Ramen.

[mommax3]

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So here's the verdict.....DH had around 50K held out of his check over the past year, and has additionally paid a total of about 10K in the quarterly payments. We still owe between 14 and 15K. That doesn't include what has been withheld from my paychecks. It blows my mind that we pay more money in taxes than we made per year for the first 15 years of our marriage.

He hasn't figured out state taxes yet.

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I'm so sorry Sally. We had horrendous tax bills over the past 2 years, and this year dh upped his withholdings more than we needed to just to make sure we didn't run into it again. I know that your dh is considered self-employed, so that isn't an option for you.

That just stinks.

[GrayMatterWife]

Re: TAXES!

So here's the verdict.....DH had around 50K held out of his check over the past year, and has additionally paid a total of about 10K in the quarterly payments. We still owe between 14 and 15K. That doesn't include what has been withheld from my paychecks. It blows my mind that we pay more money in taxes than we made per year for the first 15 years of our marriage.

He hasn't figured out state taxes yet.

Oh, sweetie!!! That's just flat-out painful to hear. I am SO SORRY!!!

(BTW, how pathetic is this: your hubbie had withheld from his paycheck approximately what my hubbie makes...gross!!)

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Ugh, Sally. That is so frustrating to do the quarterly payments and still owe that much.

I haven't heard back from our accountant yet. I have a guess so we'll see how close I come to the actual figure. I just realized that a stupid company that DH has done some stupid consulting work for has forgotten to do a 1099 for him. Again. So now we have to track that down and get it to the accountant.

[medpedspouse]

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I am afraid to do our taxes. Here is a synopsis of our $$ history....

DH waited a year (worked at a po dunk job) before entering med school while I finished my masters so I could support us both without govt assistance = check

Did not have kids because we could not afford them while in training = check

Did not buy a house until finished with training because we could not afford it = check

Went without many things because we could not afford them and our families have never been in a financial situation to help us = check

Took out butt-loads of educational loans that we are paying back now = check

Now making the "big bucks" after training and using the $ to support my mom, helping DH's sister and parents because we can afford it and they can't = check

Now considered "rich" and having to pay an obscene amount in taxes = priceless

Although we can afford a few things now, we are still having to watch our spending and are not getting to save as much as we want. The one thing that makes me feel like we "made it" is the fact that we can help our families now.....but, unfortunately, they are not tax deductable.

[GreyhoundsRUs]

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We finished our a while ago so we could get FAFSA done, too. Already got our direct deposit ($71) from the state. We didn't get as much as we anticipated because there were random things that I got paid for, but taxes weren't taken out of

[SuzySunshine]

Re: TAXES!

I finished ours a few weeks ago, we ended up owing the state a couple of hundred which is just ridiculous. Seems no matter what our federal is we still owe the state but we got a sizeable refund from the feds. Of course we also dropped a tax bracket this year since I was laid off in March. For now the refund is in the savings, most likely it will go to pay for fellowship flights and if there is anything left we might get a new TV to replace DH's that weighs a TON.

[ladymoreta]

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We're wusses - we have our taxes done at H&R Block. I know we should be able to figure it out on our own, but it's just too much stress for me to worry about getting audited because I messed it up. We're hoping to have enough to pay for our cruise excursions (already paid for the cruise).

The only thing I'm missing is some sort of documentation for the month I paid for COBRA health insurance. I can't find that paperwork for anything! Would it be possible to use the check image as proof? I can get that through my bank. Is COBRA even relevant when doing taxes? See, I'm clueless...

medpedspouse, I'm so sorry. I know we'll be in the same boat when DH is done. Neither of our parents have really done much retirement planning, so we're already looking at supporting them. At least DH's brother is planning to go to law school. My sister is a special ed teacher, so it'll be all on us for my parents. They don't expect it or anything, but I would feel terrible not helping. Not to mention we'll all probably be paying more in taxes in a couple years anyway.

[JaneDoe]

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We owe just over $35,000. This is our first year that we owe big time. Dh will be paying much larger quarterly payments this year, so hopefully the final bill won't be as painful next year.

Re: TAXES!