Taxes n shit

[AJ]

(only for those who care to share)

So who has what for plans for their refunds this year?

Jana and I are currently doing a basement remodel of sorts. Painting and new carpet all around. If our return is nice enough we will do an egress window to make the house a 4 legal 4 bedroom and add some value.

Outside of that the plan is to pay off some debt and put some money into paying of upcoming medical bills for the baby.

We are hoping that the first full year of interest paid on the house and the rental property will pay off. As well as me being in school all year again.

 

[ZoomZoom Diva]

Well, I did a quick and dirty of my taxes and I'm paying in about $900 combined. Better to have the money up front than give the government an interest-free loan... The money went to the account for my next car, a couple of vacations (including the trip to Mexico) and some of the work done on the RX-7 and entertainment system.

While there is a lot in flux, it may not be the best year to flip to an pre-received refund, but it could provide the capital for the projects. That extra refund bought me my china cabinet.

 

[dmention7]

I haven't done a quick and dirty, but any refund I get will be used to pay for a new clutch. So in that sense, I'm hoping my refund is ~600 or so.

 

[Workdawg]

Not sure if I'll get a refund or not... same exceptions claimed as last year, and I payed in a couple hundred. Will have mortgage interest to deduct this time though, so we'll see if that gets me into refund land.

 

[DrWebster]

If our refund is anything like what we got last year, we'll be getting a new stove (finally) and a decent chunk of change towards a new bed.

 

[LASERBLUE135]

will be used to pay for a new clutch.

that probably will take a chunk of my refund as well. After 108,000 miles that sucker has GOT to go sometime. I expect a pretty huge refund this year, but we've got plenty of stuff to pay for so I'm sure most will just go straight to the bank account. We are going to try to go to Mexico for our 10 year aniversary this year. (sadly it probably won't happen)

 

[ZoomZoom Diva]

Not sure if I'll get a refund or not... same exceptions claimed as last year, and I payed in a couple hundred. Will have mortgage interest to deduct this time though, so we'll see if that gets me into refund land.

don't forget the refundable interest-free loan!

 

[YSOSLO]

We're not sure what to expect for a refund this year, because last year was the first time we've gotten a significant (in excess of $1K) refund and we've changed a few things. If we get anything back, some will do toward a bedroom set for Ella since Baby #2 will be moving into Ella's room/crib etc. and Jess mentioned she'd like to stick some away for a trip to Mexico or some other warm location for our anniversary next February. Personally I'd like to use a few hundo to replace the 70's-crappy woven blinds we still have in the familyroom in the basement with either some wooden blinds or some light blocking nice-looking curtains.

 

[ij1889]

half of mine will be going to my Over Seas Delivery program for my volvo, and the other half im thinking of new speakers for rexy, i still have not gotten around to that

 

[JustROLLIN]

I am gonna pay some bills and maybe buy myself some new glasses. The rest of it will just go into my account.

Quick question: Does anyone know if I can be classified as a "student" if work reimburses me for school. I techinically pay school and then work pays me. I just dont know if I can claim school payment if I get money back for them.

 

[dmention7]

In general, you cannot claim deductions or subtractions on any expenses for which you are directly reimbursed--so without knowing the details, I'd say it's very unlikely that you could list those school payments as expenses. Well, legally anyways

 

[Slim]

I am gonna pay some bills and maybe buy myself some new glasses. The rest of it will just go into my account.

Living it up Joe. Don't go too crazy...j/k

I'd do the same. My wife and I's "economic stimulus" checks stimulated our savings account.

 

[Jana]

Quick question: Does anyone know if I can be classified as a "student" if work reimburses me for school. I techinically pay school and then work pays me. I just dont know if I can claim school payment if I get money back for them.

I can't remember how AJ's was handled, but I believe your company will report the reimbursement on your W-2. So I believe you see it on both your school forms (1098??) and your W-2. You can't really mess it up, if you follow what you are given.

 

[JustROLLIN]

LOL. Well every year I buy myself something nice and then a month later something much more relevant or important surfaces and I feel like I wasted my $$ on frivilous stuff. Not this year.

 

[JustROLLIN]

I can't remember how AJ's was handled, but I believe your company will report the reimbursement on your W-2. So I believe you see it on both your school forms (1098??) and your W-2. You can't really mess it up, if you follow what you are given.

Yeah, I did this last year as well. But, I was just not sure if I could declare myself as a "student" if work was reimbursing me for the cost of tuition and books.

 

[Tauni]

Last year I owed money so I'm hoping I won't this year. Who knows though.

If I get anything back its just going towards living expenses.