May 2012 Weddings
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Income Tax Refunds?

Hey ladies!

Just wondering what you're all doing with your tax refunds (assuming you're getting one, I hope we all do!) this year?

I did our taxes yesterday and we're getting $3,500 (!!) back. I had a bunch of leftover tuition credits and since DH and I claimed our taxes together for the first year, we shared the credits and it made a big difference.

We're spending it like this: 

$500 on new clothes

$1500 on new granite countertops for the kitchen (SO excited about this, we were saving weekly to make it our Christmas gift to each other but we can do it now instead!)

$1500 to add to our emergency fund

So, what are your plans for your refunds?

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Re: Income Tax Refunds?

  • I'm jealous....I wont be getting one Sad

    The catering company I work part time for doesn't take out taxes so whatever I would be getting from my "regular" job is taken away by $ I owe from catering...ugh!!!!

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  • We did our separately. I got back $1100 and he got $770. We paid off the 2 credit cards that was accruing interest and plan to use the rest to make a huge payment on the card that is interest free until July. That is our last card and we will then be debt free. I can't wait. H will use the state refund to get a new phone.
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  • I doubt we'll be getting one..  I usually did while filing alone.  There were a few years I owed, due to various circumstances.. (second job, radio station winnings, etc) so I finally upped the amount my full time job withholds.  This worked, so I stopped owing and started getting money back.  But now that we're filing together, I am hoping my lower income is enough to offset his higher income!  We'll see.  We haven't filed yet.

    If we get money back, I think it'll be used for home improvements.  We have a lot of things we want to do before putting the house on the market! 

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  • We are getting some back this year, but we are putting it into our house fund as we are buying a house next year. We are exciting people...Haha
  • Not sure what we're getting back yet, but whatever we get will probably go to furniture- We still need dressers, night tables, a guest room bed, a desk, an armchair, coffee table, dining room chairs... We never imagined we would be able to afford this much space in San Francisco, so we ended up getting rid of a lot of stuff before the move :/
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  • We have all ours going to stupid driveway that should be our townships fault...we still in a fight about it. grr
    "Anyone can be passionate, but it takes real lovers to be silly"
  • Well IF we ever get our tax stuff straightened out we are going to finally buy our new bedroom furniture we picked out about a year ago. But that is all we will have money for. 
  • We did ours separately too. We're getting a decent amount back by doing it that way. H wants to go away somewhere local for the weekend and the rest will go into our e-fund. 
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  • You people make me sick   lol

    We're having to pay A LOT back this year.  Mostly because I got the first time home-buyers credit and then ended up moving out to CO and renting my house out... so there's $8000 we have to pay back, then I'll also have to claim the rent from the tenants as income, so we'll have to pay income tax on that.

    We'll have some write-offs, like mortgage interest, and property management fees, expenses I've had on the house, etc... but still, it's gonna suck.

  • We're actually filing ours this weekend so we don't know for sure but H & I both have a lot taken out so we should definitely be getting a refund. I have to buy new contacts AND glasses so that's first on the list. After that, depending on how much we get, we'll pay down/off some student loans and put some towards the emergency/house fund. 

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  • We're getting over $5000 back, if the IRS ever processes our damn return.  They aren't processing anything with energy credits until mid march and we put all new windows in last year.

    We're paying some bills, I need some new clothes and the rest will go into savings.   

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  • We aren't getting much back especially when you take off what it cost to file them, which is annoying because H got more back last year when filing alone making less money than he did this last time. I thought filing together would get us more money, but it seemed to get us less. I didn't start working till May last year, and didn't start working full time until September which included a raise. Plus H didn't start working full time until March so next year we will make more money, so hopefully that will give us a larger refund.

    We are going to put ours into a retirement account.

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  • We are getting a ridiculously large return back (mainly because in August of 2011 I figured out that I was going to owe a large sum, so I had them withhold an extra $800 per paycheck until the end of 2011....except that I forgot to change it back in 2012 until about July!).  We are planning on buying a new car (newer used, really) for H.  I'll probably buy some clothes, too since a lot of mine are just getting worn out.  We're also looking to buy a chest freezer.  And we'll put a chuck into our e-fund as well.
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  • We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...
    image 

    Anniversary 
  • image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

    photo trex2_zps7ab4e9b0.jpg
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  • We are getting zip, zilch, nada back. If I had done my taxes on my own, I would have owed the state and gotten something back from federal. But somehow, I ended up filing with H and now I get nada. It sucks, but whatever. My student loans are paid off!

  • image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    image 

    Anniversary 
  • image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    A $35,000 write off would be pretty awesome, although I shouldn't have done the math to get to that number, excuse me while I go be physically sick thinking about spending that much money on absolutely, totally NOTHING....

    photo trex2_zps7ab4e9b0.jpg
    Daisypath Anniversary tickers
  • The thing I hate about our taxes is since we filed together, some of my student loans are IBR (income based repayment). So, now my repayments are based on our joint income. What sucks even more is that my H is only working part time and is not making near as much as he did last year. Student loans are just depressing. Congrats to everyone else for getting your taxes done!
    Anniversary
  • If we get a refund, it'll just go into our savings. We are pretty boring, and we've spent so much money this year, there is nothing I feel like we have to have! 
  • image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    I've always written off my student loan interest... is there a law that's changing this?

  • image comeongetdown:
    image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    I've always written off my student loan interest... is there a law that's changing this?

    Me too. I always get a letter from the student loan company with the amount I've paid for interest for tax filing purposes....I got one this year too and sent it to the accountant. I've done this for the entire time I've been working (full time) since college.

    image

    Missing Our July Sparkler
    BFP#1-11/12/12, MMC 1/16/13-baby stopped growing @ 9wks, found out at 13wks, D&E 1/25/13
    BFP#2-4/23/13 EDD-01/02/14 baby BOY born 12/31/13 Michael Cameron <3

  • image comeongetdown:
    image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    I've always written off my student loan interest... is there a law that's changing this?

    If you make over a certain amount of money you can't write off the interest.  I'm not positive what that amount is, but I do know I will make too much to write it off after this year (especially if we're taking combined income of H and I).  That's the crappy part of professional programs- you technically make too much to take advantage of any incentives, but when you look at actual take-home pay after your loans, it's not as much as you'd think.  Sam might know more details since she's in repayment now and I won't be until fall. 

    EDIT: Looks like for this year the income limits were 75,000 if filing independently or 155,000 if filing jointly.  

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    Anniversary 
  • image comeongetdown:

    You people make me sick   lol

    We're having to pay A LOT back this year.  Mostly because I got the first time home-buyers credit and then ended up moving out to CO and renting my house out... so there's $8000 we have to pay back, then I'll also have to claim the rent from the tenants as income, so we'll have to pay income tax on that.

    We'll have some write-offs, like mortgage interest, and property management fees, expenses I've had on the house, etc... but still, it's gonna suck.

    We are in the same situation as you.  DH got that credit back in 2008 so luckly he has paid some back, but i still think its going to be like $7K.  I'm worried about not having alot of deductions this year and hope we don't owe more than that!

    <img src="http://tinyurl.com/b588edo" width="200px">
    [url=http://www.fertilityfriend.com/home/3d6f8d] My Ovulation Chart[/url]
  • image GustieRx:
    image comeongetdown:
    image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    I've always written off my student loan interest... is there a law that's changing this?

    If you make over a certain amount of money you can't write off the interest.  I'm not positive what that amount is, but I do know I will make too much to write it off after this year (especially if we're taking combined income of H and I).  That's the crappy part of professional programs- you technically make too much to take advantage of any incentives, but when you look at actual take-home pay after your loans, it's not as much as you'd think.  Sam might know more details since she's in repayment now and I won't be until fall. 

    EDIT: Looks like for this year the income limits were 75,000 if filing independently or 155,000 if filing jointly.  

    Thank you for looking that up!  DH has been warning me we might not be able to claim interest anymore.  I'm hoping we are OK this year, but next year I think we are out of luck. 

    <img src="http://tinyurl.com/b588edo" width="200px">
    [url=http://www.fertilityfriend.com/home/3d6f8d] My Ovulation Chart[/url]
  • image GustieRx:
    image comeongetdown:
    image GustieRx:
    image AurorasEnvy:

    image GustieRx:
    We're getting a ton back this year (yay grad school and me being unemployed!), and we paid off some of H's loan to his parent from undergrad, I'm buying a new Macbook (yay!), and the rest is going into our savings and to pay off the down payment for H's car he got last month.  This will be the last year we will get anything back I'm sure, as my income is going to hugely bring us down next year.  But at least we'll be making more money overall...

    You can kiss ANY tax write offs goodbye once you start working.  We don't get a break on anything!  Which would be fine if we didn't have $575k in student loans still left after 3 years of paying...

     Yeah- this is the part that sucks- the student loan debt is astronomical, and you can't even write off the interest!  I've already come to terms that we're screwed for next year, so I'm going to enjoy our last refund this year :)  I can't imagine having to pay for two professional programs- two bachelors and one PharmD is enough for us!  I feel for you guys!!

    I've always written off my student loan interest... is there a law that's changing this?

    If you make over a certain amount of money you can't write off the interest.  I'm not positive what that amount is, but I do know I will make too much to write it off after this year (especially if we're taking combined income of H and I).  That's the crappy part of professional programs- you technically make too much to take advantage of any incentives, but when you look at actual take-home pay after your loans, it's not as much as you'd think.  Sam might know more details since she's in repayment now and I won't be until fall. 

    EDIT: Looks like for this year the income limits were 75,000 if filing independently or 155,000 if filing jointly.  

    Yep, this is it.  Not that I'm complaining about making a lot of money, but when I spend $1800 a month right out the gate paying student loan bills and H spends $2000 doing the same thing...$3800 is a lot of money to pay every month for student loans, even when you make a lot of money.  It's scary to think of what it costs for someone to become a dentist, doctor, vet, etc.  I skipped a year of undergrad and had so many scholarships for my undergrad that I only paid $20k for an undergrad degree that would cost most people $120k (went to private university).  H went to community college for 2 years and then transferred to a 4 year university, which saved money.  But there is no way to take not take the hit when dental/medical/vet schools cost $40,000-$60,000 grand a year.  And that isn't including living costs.  It's ridiculous.

    photo trex2_zps7ab4e9b0.jpg
    Daisypath Anniversary tickers
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