I estimated our taxes awhile back. I did both Federal and State. We had a low income year because combat earnings are not taxable. As a result we actually qualify for the Earned Income Tax Credit. Kind of odd really.
Current estimates are:
Federal $3,867
State $1,075
Total $4,942
This works out great, since we suspended our Roth contributions to make cash flow easier while running two households. We will use this money to get our contributions to maximum by April 15th.
Right now we are each short $2,083.31. Or $4,166.62 for both of us.
The only reason I was willing to suspend the contributions because I had estimated the tax refunds to be large enough to cover our shortfall.
Of course, my estimates are approximate for now. There is another day and half of combat pay that will be used before year end bringing our income down. We also have made a few more donations.
Oh and the 'extra' will just be saved in our emergency fund. We expect to be moving in 2012.
Our Estimated Tax Refund
December 9th, 2011 at 01:49 pm
December 10th, 2011 at 01:31 am 1323480697
December 10th, 2011 at 02:20 pm 1323526801