May 2012 Weddings
MiniMeg526
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
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?
Re: Income Tax Refunds?
I'm jealous....I wont be getting one
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!!!!
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
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!
After 2 years of TTC, lots of tests, and a Hysteroscopy/Laparoscopy to remove several polyps,
Clomid/IUI #1 3/14: cancelled due to surprise BFP 3/8/14.
Beta 1 3/11: 398 Beta 2 3/13: 728 Beta 3 3/20: 11,482
Surprise BFP turns into Surprise Twins!
Zoey and Garrett born 10/24/14 at 36+3
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.
My BFP Chart Danger Love Blog
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.
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.
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...
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!
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....
I've always written off my student loan interest... is there a law that's changing this?
My BFP Chart Danger Love Blog
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.
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
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.
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!
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.
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.