Wednesday Wondering: Tax Time!

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wednesday Wondering: Tax Time!
23
Wed, 01-25-2006 - 8:32am

So - where are you with tax prep?

All my best,
Danni

iVillage Member
Registered: 09-20-2004
Wed, 01-25-2006 - 2:08pm

I'm a little in the dark about how things will turn out taxwise this year. Technically, we made about $15k more, but we also started putting money into dhs 401K, and our health insurance costs went up. And my employer was taking out way too much, I think. Last year, between state and fed, we got back $1400. I am hoping for at least that much this year. We will see...just waiting on dhs W2.
Good luck, everyone!!!

Heather

iVillage Member
Registered: 09-29-2000
Wed, 01-25-2006 - 2:22pm

We are still waiting on a few things. I have everything we have though allready started at turbo tax and as we get something new, I enter it right away. I am hoping to get atleast $3000 back. I am using the rules of 1/3's. 1/3 to saving, 1/3 to debt, and 1/3 to help pay for our vacation coming up in March. I also love getting a good refund. I truly don't think I would put it all towards debt thru out the year!

Donna

iVillage Member
Registered: 10-07-2003
Wed, 01-25-2006 - 6:52pm

I'm still waiting for some things.

Pumpkin

&nbs

iVillage Member
Registered: 03-26-2003
Wed, 01-25-2006 - 7:34pm
I have finished my taxes. I did them myself with turbo tax online. Our refund is supposed to be in the bank Feb. 3rd. We are getting a refund of $4,285. No, I do not want to increase our deductions so that we can get more in each paycheck. Most likely if we got it every month we would not be able to see what we did with it anyway. I LOVE getting a refund during tax season.
iVillage Member
Registered: 03-26-2003
Wed, 01-25-2006 - 7:39pm
Interesting way to divide things up. We might do something like that too!
iVillage Member
Registered: 03-26-2005
Wed, 01-25-2006 - 7:55pm
This year, we're going to have a bill. I work for the state, and they don't take taxes out all year. I made about $8000 this year, which has had $0 taken out for taxes. My DH made about $20000, with taxes taken out. I have no idea what kind of bill to expect, but we're already saving for it.



Lilypie Baby Pic
iVillage Member
Registered: 01-06-2006
Wed, 01-25-2006 - 7:57pm

Got W-2 last Friday, forgot about it all weekend. Got 1099-div today, and haven't checked if 1099-Int's from my 2 banks are available yet or not. So, I will probably try and figure it all out this weekend. Would like to know if I'm getting refund or owe $$. Hard to say because I kept my deduction at 1 (single,no kids:)) but made at least $10K more last year than 2004 putting me in a different tax bracket.

If I get a refund it will go to my vacation fund, fiance and I are each contributing $100 a month so we will have $1800 by end of September for a 2-3 week vacation. If I owe, I guess I'll be putting my money in the IRS fund until I have enough and maybe working some OT again this year to pay IRS and then start contributing to the vacation fund. I would rather change my deductions to "0" to get a bigger refund rather than owe money. Also, As of Friday I'm starting to contribute to my 401K plan. I asked HR director (who already knows if I get a raise or not and how much) to direct any raise I may get to the 401K. We were due for raises in Nov. but due to hurricane Wilma company lost $$ and wasn't sure how financials would look till Dec.31, so they put raises off till late this month, but will be retro-active to Jan. 1. I'm pretty confident I will get a raise and HR director seemed to indicate that too. I figure if I start the 401 contribution with the raise I'll never miss the extra money.
Pam

Proud sister of a Marine:

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Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Wed, 01-25-2006 - 9:47pm

Oh my is it that time already??? We only need 1 more W-2 and then I'll be ready to tackle some misc. deductions and reciepts. Right now it's too soon to tell how much, if any, refund is anticipated. Last year we were very CLOSE to having a tax bill. We are staying optimistic that a refund will come and bless our emergency fund.

Susan

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Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Wed, 01-25-2006 - 10:07pm

I filed mine just now online... I'm only getting back $670, but at least it is something. I just wanted to remind everyone, if you made less than $50,000 and you don't have alot of complicated deductions, etc, you don't have to pay for your tax return!!! Go to IRS.gov and follow the instructions for filing a FREE return.

Cheryl

iVillage Member
Registered: 10-14-2003
Wed, 01-25-2006 - 10:22pm

Well we haven't gotten any information yet. :( I played with the numbers just off of Brandon's last pay stub and it said about $2000 on the estimator on the HR block website.. Of course that didn't take into consideration what I worked part of the year, Lainey's daycare (that I get credit for) or my school expenses that I pay out of pocket.

When we get the information, we will also be sending my ex a statement of the medical expenses that he SHOULD have paid half of that I haven't received one dime of.. Guess where our tax return is going? COURT FEES! Things need to change and they won't change with him because he won't do anything voluntarily... the perfect world he would have to pay is half and have his rights signed away so my DH can adopt Lainey... wishful thinking I know.

If there is anything left it will be used to find me a formal dress and DH a suit for a convention we have to go to.. I have to find a maternity formal gown so this should be interesting huh?

I'm hoping to squeeze the money enough for an extra freezer... guess we will see how it goes.

~Stephanie