Any suggestions

iVillage Member
Registered: 07-01-2006
Any suggestions
11
Sat, 03-14-2009 - 12:56pm
I went to my tax preparer today and he is guesstimating I will owe 3,000.00 I receive alimony evry week plus when we sold the house I got 1/2 so I decided to go online to ing direct, so I get interest from there.I only pull in 30k a year I get 323.07 a week from alimony plus interest about 3k . $750 for scripts $550 for glasses 1425 a month for rent. $300.00 clothes for work.I don't know what to do.Would you suggest I take the money from ing out and stuff it under my mattress?is there anything that I can do to not owe this amount next year? I'm currently unemployed with no benefits I have been looking for jobs even if they are part time and have been on may interviews so I know that being employed is beneficial.

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iVillage Member
Registered: 01-25-2009
Sat, 03-14-2009 - 2:34pm

Umm, taking your money from the ING account does not seem to make sense. Yes, you get taxed for the interests, but the tax is only a portion of the interest so you are sill "making money" per se. The $550 for glasses, I assume it is a one time deal and not monthly expense?

What would be helpful is once you start working again, re-visit your taxpreparer, or use any of the online software, to figure out how much should be taken out of your paycheck to avoid the $3000 payment. Conversely, start putting $250 a month into an account and use it for tax purposes.

iVillage Member
Registered: 11-14-2008
Sat, 03-14-2009 - 4:42pm

Good luck in your job hunt. I hope you find something with medical insurance for prescriptions. You likely won't have to pay that next year if you are not working and incurring income but it never hurts to put some in savings when you do get a job for just in case emergencies.



iVillage Member
Registered: 07-01-2006
Sat, 03-14-2009 - 4:44pm
Thank You.I guess that I was being emotional because of the fact I'm not working.I like your suggestion and would most likly follow it once employed again
iVillage Member
Registered: 08-04-2008
Sat, 03-14-2009 - 10:04pm

Don't know how you should deal with the tax issues besides saving from every alimony check in the future. Alimony is taxable, child support is not, which is why most women opt for child support instead.

I would suggest having a friend look at both your resume and work with you on presentation skills for an interview - maybe a couple friends and someone professional if you can. Take the feedback as it is intended - to help you, and try to use it to get yourself psyched up for the next interview.

Good luck!




iVillage Member
Registered: 07-01-2006
Sun, 03-15-2009 - 2:34pm
I have a stupid question how do you go about having more money taken out of your pay check?
iVillage Member
Registered: 11-17-2007
Sun, 03-15-2009 - 2:53pm

Go in and talk to personal about uping your deductions if you owe this year.


IF not then you are giving the government free money for a year and a half

iVillage Member
Registered: 01-25-2009
Sun, 03-15-2009 - 8:14pm

Hey, there are not stupid questions.

There is a form (W-9, or W something, I forgot) you fill out when you start a new job or you can ask human resources, and there is someplace you elect how much to take out for tax.

iVillage Member
Registered: 11-17-2007
Sun, 03-15-2009 - 8:36pm

iVillage Member
Registered: 06-17-2003
Mon, 03-16-2009 - 9:30am
The rollover replacement rule no longer applies when selling a house.
iVillage Member
Registered: 07-01-2006
Wed, 03-18-2009 - 3:36pm
No the house was sold at least 3 yrs ago.He told me it's because my Daughter is no longer a dependent and living on her own.I got the results today he says in total Fed & State 4,2oo.00 then said next year i will owe 6,400.00I don't understand last year I owed a little over 700.00 that's it.He still tells me it's because mt Daughter moved out.It just doesn't seem right to me

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