Filing 2009 Taxes thread...
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Filing 2009 Taxes thread...
| Mon, 02-08-2010 - 7:51am |
I don't know how it works in the UK but here in the USA it's basically tax time from now until April 15.
| Mon, 02-08-2010 - 7:51am |
I don't know how it works in the UK but here in the USA it's basically tax time from now until April 15.
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I filed mine over the weekend and amazingly enough even with pulling DH's 401K, my winning $1,000, etc... we are getting a nice refund.
I thought that 401K was going to nail us big time.
Becky
CL of 4th, 5th & 6th grade Scoliosis
It's tax time in Canada too.
I drafted my taxes on the weekend and I'm sad to report that I owe $388.
Kate
I am in the process of gathering stuff. I am afraid we may owe this year for the first time. My freelance (where nothing is withheld) came to between $18K and $20K which is kind of amazing since the six months after being laid off I made zero, in 2008 I made about 12K.I guess my business is slowly building but it's still waaaaay down from the $50K+ I used to make and continues to be feast or famine. I'm afraid that is a job that will never come back.
I, too, pulled out about $3K after penalties from my measly 401K and I made about $13K in unemployment. I think the first $2,500 in unemployment is not taxed this year. Still I fear once all is added together we will owe. The only thing I can hope for is I can come up with enough business expenses to offset my income and that my husband's income actually dropped by about $6K because they made him take a pay cut and seven furlough days. Maybe somehow it will all even out. I plan to do taxes this coming weekend. Gulp. Jenny
Got my refund back already. $4588!!! Broke that up as followsL $1000 to fully fund E-fund (again!), $371 to pay off small credit card that I used for Christmas (this year I have a Christmas Club account already setup monthly), $1916.59 to completely pay off DD and mine dental bill for the past year, and the rest $1301 went toward the 3-6 months savings account.
I did the rough numbers this weekend to send to our accountant, so our numbers are not at all firm.
DH signed our return this morning and drop them in the mail tomorrow.
Norma
"Patience is the best remedy for every trouble"- Plautus
Filed on Saturday.
I mailed our federal return on 1/29.
Nothing's official yet, as we have to bring all of our paperwork to the accountant tomorrow, but figuring against last year's tax return and taking into account this year's deductions, we'll probably be getting back about $6,000.
We made about $5K less in income this year, but somehow paid out over $1K more in taxes. We never plan on getting a large refund, but we never know what our itemized deductions are going to do from year to year and I would much rather get the refund than have to owe.
DH and I had a long talk about what to do with this money, and decided that once we pay my mom back the "floater" she gave us for our insulation project, the remainder is going to 1) top off our $1K e-fund, which sits in our checking account and also acts as a "buffer" to avoid overdrafts when paychecks are late, and 2) sit in an ING account to burn off as we need to cover expenses in the lean months. In order to keep our snowball/debt payment efforts on track, we need to be able to remain consistent every month. Because of the inconsistent nature of DH's income (up and down), we are constantly finding ourselves using his income, when it comes (and when it comes it is big), to "catch up" on bills instead of getting ahead. Having this additional padding in savings is going to allow us to maximize the value of DH's income and allow us to keep the snowball going strong.
(I know it's not exactly the DR way, but it is the best way for our current situation.)
Is it ok if I post before filing? It isn't going to happen until the last minute...
Somehow my DH (we are recently married for 2nd time) liquidated his entire 401K instead of just a portion of it. How this happened I do not know. The tax bill even with losses from his business, refinancing the house, etc., will be a whopping $30K. He has cash for all but $5,000 which will most likely come out of my emergency fund. Boo!
Here I was feeling secure with my $12,000 emergency fund and having paid down the CCs to $8,000, and wham, this hits. Darn.
But... there is a slight silver lining to this. I have persuaded him to take measures that will hone about $400 per month off of his expenditures, and to look at the overall picture. It really needed to happen, and we'll be better off for it, (and I hope it sticks beyond this poor situation) but I have a tough time swallowing this surprise!
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