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Squeaked By

February 8th, 2008 at 10:39 pm

Well I have been busy. & sick too. Blech. So not much bloggy bloggy.

Yeah, work is insane. Being sick doesn't help.

I just saw the tax rebate news. I am not thrilled with the whole thing, BUT we could use the money I guess.

Anyway, well, we just squeaked by! I assume they are using 2007 income to figure the rebates? Perhaps 2006?

For 2007 my income was like a penny over $75k. But I also had my ROTH conversion to push that way up.

Likewise, if they use 2006, the ROTH conversion will be my savior. Our income wouldn't have made it otherwise. Either way we got it covered. I think that is sweet. Makes the ROTH conversions that much more a SWEET deal. We had decided to do the conversion while we were still in a lower tax bracket.

Which leaves us with $1200 rebate plus $600 for the kids.

Um, I owe the IRS $1200 so that is a wash.

I am getting $250 cash back from the card around May, as well as that will be our vacation. So I am thinking around $850 to our May vacation. Probably plenty. I don't even think we'll spend it all. But sure puts a load off me.

Anyway, I will pay the $1200 IRS tax (I get a $100 state refund) in April from the efund, but guess I will get it back soon after.

This will go a long way to making 2008 easier for us. That tax bill was going to move us backwards a bit.

I was also saving $100-$200/month for stuff like vacation. Some of that might get diverted to ROTHs at year-end, since we don't need it now. We'll see...

P.S. I just saw another foreclosure in our neighborhood, was asking $350k (after one sold for $370k). Well, it just went for $410k. What do I know!?!

Looks like things are looking up a bit. It sold pretty fast too. So, um, yeah, good!!!

I also saw 50% listings in the area were "distressed" listings. It's been steadily climbing. (From 33% in the fall).

We'll see where it settles. I think it's still early in the whole thing, but the uptick is nice.

Also helps our refi prospects. I was worried with it dropping like a rock. $410k puts us 50% equity. I think that will do. (I likewise wouldn't be suprised if it dropped to 25% in like a day, which is apparently the new PMI threshhold for areas like this. I guess lucky for us we don't NEED to refi. Not like that still won't happen. It's just crazy out there).

ETA: I think I read that wrong on the $75k. I am seeing further details emerge. I haven't been at work so I will probably get more thorough details on Monday at work. Everything in the news is vague and conflicting. I am still pretty sure we are getting $1800. But that's about all I am sure of. I think also I will file my return VERY soon to get in front of the line. Big Grin They say they will issue rebates, based on 2007 returns, in order received. So I better go file!!!!







3 Responses to “Squeaked By”

  1. JanH Says:
    1202526685

    I just noticed that on your assets you have a medical deductible fund. I never thought of that. I've added that to our budget. Great idea! Hope you start feeling better soon.

  2. monkeymama Says:
    1202570463

    Well it was obvious for us. Our medical insurance has been insane, but we were able to cut to $500/month (from $750 monthly) if we took a $3k deductible.

    I think odds are pretty much 99% that will get spent (on deductibles). But if not I am really looking froward to putting $250/month away to something else next year!!!!!!!!! (Dreaming anyway...) So it was very logical. Our medical has cost us an arm and a leg since we had kids and trying best to stay on top of it. Though our efund will cover the $3k balance for now.

  3. monkeymama Says:
    1202571115

    P.S. I wanted to say cool if that helped you though. Big Grin

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