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Just Found Out!!

January 19th, 2012 at 06:17 pm

OMG!!

I was working on our tax return. I input wage information even though I'm waiting on the W-2. It turns out all military income earned in our state is now exempt from state income tax, retroactive back to January 2011. This also means all income earned going forward is exempt from state taxes. This is huge!

Right now we are having $291.22 withheld each month for taxes. That is now money back in our pocket. Wow! I wasn't expecting that. I guess I'm not listening to the news close enough. This bill was signed into law on 5.11.11.

This also means our tax refund this year will be about $2300 or $1200 more than I expected. Nice!!

Oh, and you got to know I just online with DFAS to change our withholding to exempt. That will be effective February 1. Yipee!!

Now...I've really got to make sure this counts.

8 Responses to “Just Found Out!!”

  1. Looking Forward Says:

    Awesome!

  2. MonkeyMama Says:

    Awesome!!!

    I'd be jealous, but, wait, $291.22/month for STATE taxes? Holy cow! Nevermind, not jealous. Just HAPPY for you! Big Grin

  3. LuckyRobin Says:

    That is really great news! It's about time they did something more for our military families.

  4. frugaltexan75 Says:

    Yay! Our military families SO deserve this!

  5. My English Castle Says:

    Excellent! Wow!

  6. mjrube94 Says:

    That's great news! Don't save it all in one place Wink

  7. Petunia 100 Says:

    What a nice surprise! Congrats. Smile

  8. guppy Says:

    YAY Smile

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