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Taxes Done, Cash OUT

December 8th, 2011 at 05:05 pm

I've basically got all the information I need to do my tax return. It's SIMPLE.

So I plugged in numbers to see where I was at. Last I projected was that we'd owe about $1000. Unfortunately, not much has changed.

I was just happy to put $8k into ROTHS. The rest seems like gravy. We are maxing out this year ($10k), so I decided to shift some of that to my regular IRA. It looks like we will probably do $7500 ROTH and $2500 Regular IRA. I really didn't foresee putting any more money into regular IRAS, but I feel rather "eh, it's just one year." & only 25% of contributions, at that. If it makes it easier to max out... I whittled our taxes owed down to about $500 with this move.

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I was feeling really great about finally reaching cash goal this year. But, maybe I got excited too soon. I need to take the following from cash:

**$900 to replenish cash in our ROTH efund. I had bought stock and planned to replenish the cash with regular ROTH Contributions this month. Instead, I am diverting that money to my regular IRA. (I often use this money to jump on stock market dips, but usually replenish it ASAP).

**$3,000 if we refinance? (Closing costs)

**$300 short on maxing out IRAs, 2011 - will transfer from savings before April 15.

**$500 or so due for taxes. Admittedly, will just pay those in April.

**$400 to meet mortgage goal by 12/31

& on and on it seems to go...

I think the refinance cash outflow is mostly what is stressing me out, and is compounding the rest which wasn't so bad on its own. IT will be SO worth it though, if we get that through. I realized the interest portion of our mortgage will be HALF of what it was, initially. With a loan balance of exactly $200k and an interest rate of 4%, we are looking at $8k per year interest, and dropping.

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I am going to submit loan application with creidt union today. Cross your fingers for me. I would love love love to have my loan with them. It just simply won't work if rates go up before I lock the rate. (I've tried before, believe me). But it costs nothing to *try.*

I talked to broker, which is my second choice but most likely to go through smooth. He said he could not offer me 4% but it was so likely to happen soon, so I Should fill out an application. No commitment to either until they can lock the rate. CU rates are 0.125% lower. I am not holding my breath, but will try.

1 Responses to “Taxes Done, Cash OUT”

  1. MonkeyMama Says:
    1323378120

    Glad it worked out!

    I think *it never hurts to ask* is a frugal staple.

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