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$200 Back

January 30th, 2007 at 02:09 pm

Well I am glad I significantly racheted down my state withholding, asked my boss.

Just finished up my taxes overall and getting $200 net back - woohoo. Originally estimated $200 due so I am happy as a clam.

I had a $20k ROTH conversion that I paid nothing in for, for state, and I still am getting $875 back. (overwithheld MUCH???) I owe about $675 for Federal - I paid Fed for the conversion, but the conversion pushed my income too high and I missed a lot of my medical deductions. So it brought my taxes up even more, etc. I don't mind owing a little so I didn't care. But $200 back, net, is sweet. Will probably file in the next couple of weeks, get my state refunds, and then when I get it, just pay the fed. In the bank it would earn me $4/month. Eh, rather get that tax bill out of my hair!!

Last year my taxable income was around $50k with my maternity leave. Some untaxed disability, some taxed, lots of unpaid time from work, etc.

This year was about 90k with the ROTH conversion and my first full year since my fat raise in 2005. That is pretty sweet.

Either way still well in the 15% tax bracket thinks to the insane cost of housing and health insurance over here, makes a nice tax break at least. Kids help too (though can I reiterate they cost 10 times as much as the tax break? LOL. Still don't get that logic - more kids for more tax breaks - blech - gotta be crazy. Wink )

This year I expect to pull in $80k with all of our various efforts to make money. The last few years have been in the $40k-$50k range for the most part so it should be pretty sweet. All the same, there is no way in heck I want to get used to that kind of money - I think that is dangerous. I am trying hard to save save save.

I reconsidered how much our net worth should increase this year, considering payment of car and payments on the mortgage. With that and our investments performing average, I expect around $30k increase. $10k savings, $5k investment returns, $8k profit sharing, $3k car paid off, $5k mortgage principal. I had missed that $8k before (car and mortgage principle), but you can't discount that - woohoo.

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