Anyone have tax news?

Math_Rocks · ‎02-11-2009

Used Turbo Tax and although DH had 1099 income from the route, the P & L showed about 5K loss. So, we're getting good sized federal and state refunds. That's the good news. The bad is that this is DH's 5th month on no pay with his primary employer (non-profit) and we've reached critical stage. I haven't yet paid the mortgage this month and it looks like when our fed refund is direct deposited, I'll have to use it for that. And, then next month, we'll be in the same boat.

I keep hoping and hoping that DH can find a better paying position to replace the route but the job market here is abysmal. I have a separate thread going to ask for advice/comments on work-at-home opportunities for him.

What do my Fico friends have to report on the tax return front? And what are you doing with refunds if you get them?

Filed Chapter 13 April 2012. Case successfully closed May 2017, about 1 month after 60th payment. FAKO scores on close date: TU 695 EQ 697. Received discharge July 11th - took forever! Real EX day of discharge 624.

laz98 · ‎02-11-2009

unfortunately, we are NOT getting a tax return. we owe about $1500 at the moment.

marty56 · ‎02-12-2009

Got mine allready. Went into my new oven.

1/25/2021: FICO 850 EQ 848 TU 847 EX

fishbjc · ‎02-12-2009

Don't know if we're getting one or not yet as I haven't put it all together. I owe the IRS $500 from a program I'm on with them, so I'll be happy to pay that in full and have cash for a night on the town. We'll see.

Anonymous · ‎02-12-2009

DH is uber @nal-retentive about withholding as much as possible to avoid paying taxes (Unky Sam and the IRS scares the poop outta him -- me, too!) so with the $7500 home-buyer's tax credit, we're getting about $10K back.

We're using it to:

1) Replace the fugly, stanky living room carpet with hardwood floors. Hallway leading from the living room to the kids' rooms, too. $1500-$2K

2) *Possibly* buying DH a wee Boston Whaler -- we'll see. $2500?

3) Pay off our CCs. $2K-$2500

4) Sewing machine for moi $500?

5) Stowing a good bit away for a rainy day $2K

6) Pay off our car (the one that was hit the other day) $500

7) Paint -- 'cause I fricking hate white walls and the wallpaper the previous owner had -- $300-500

TOTAL: $9500-10K

(I've merged our tax refund with a payment from a job I just did ($1500) that I've got coming in in a few days. Plus, we're supposed to get $1K from our apartment security deposit. That $2500 will more than likely just sit quietly in a HY savings account!

Message Edited by Wonderin on 02-12-2009 12:15 PM

Anonymous · ‎02-12-2009

Since we had to pay $6000.00 last year I made adjustments to withholding (so we actually pay taxes on our earned interest from hubbys job now) and it looks like we will get 669.00 refund. It will go directly into the MM and stay there. Good Luck Vicki

Anonymous · ‎02-12-2009

Getting about $70.00 back....I had it figured about right this year.

Anonymous · ‎02-12-2009

@Anonymous wrote:
@Anonymous is uber @nal-retentive about withholding as much as possible to avoid paying taxes (Unky Sam and the IRS scares the poop outta him -- me, too!) so with the $7500 home-buyer's tax credit, we're getting about $10K back.

Ditto with the $7500 / $10k total return (state and Fed). I got State last week and Fed tomorrow. It's going to a small loan that has interest and to my CC. The rest I will put into the house and savings.

MattH · ‎02-12-2009

I'm gonna do my taxes on Monday (my work gets Presidents' Day while my wife's work does not, so I'll use it to do various chores and thereby maximize "us time" on the weekend). Probably we'll get a refund, which we'll stick into savings.

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
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Anonymous · ‎02-12-2009

@Anonymous wrote:
@Anonymous is uber @nal-retentive about withholding as much as possible to avoid paying taxes (Unky Sam and the IRS scares the poop outta him -- me, too!) so with the $7500 home-buyer's tax credit, we're getting about $10K back.

We're using it to:

1) Replace the fugly, stanky living room carpet with hardwood floors. Hallway leading from the living room to the kids' rooms, too. $1500-$2K

2) *Possibly* buying DH a wee Boston Whaler -- we'll see. $2500?

3) Pay off our CCs. $2K-$2500

4) Sewing machine for moi $500?

5) Stowing a good bit away for a rainy day $2K

6) Pay off our car (the one that was hit the other day) $500

7) Paint -- 'cause I fricking hate white walls and the wallpaper the previous owner had -- $300-500

TOTAL: $9500-10K

(I've merged our tax refund with a payment from a job I just did ($1500) that I've got coming in in a few days. Plus, we're supposed to get $1K from our apartment security deposit. That $2500 will more than likely just sit quietly in a HY savings account!
Message Edited by Wonderin on 02-12-2009 12:15 PM

That's amazing! I wish that I could convince myself to go by a house before that $7500 disappears. But I really don't feel comfortable with a mortgage and a car payment, so I'm going to pay my car off first. I figure best bet, I'll close in August or September, after the $7500 is gone.

However, I also got a refund, only about $255, which is only 16% of what I normall get back, but I am absolutely thrilled that I don't owe. With my part-time job I was terrified I was going to owe so I'm just so happy I don't!

And that $255 is going to my car, I only have to come up with about $9500 more to pay the car off.

Message Edited by woopah on 02-12-2009 08:07 PM