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Taxes Filed & More

February 8th, 2018 at 02:15 pm

So finally, after many issues last month, I was able to log on to the free version of H&R Block to file our taxes. We are able to file free as military members through the Military One Source website. The filing was free for Federal and State. We owe $91 to the federal government, which is better than the expected $400 I had in mind. And we are exempt from state income tax in our state of legal residence, since they do not tax Active Duty Pay. I have already schedule payment from our checking account to take place on March 1st. I could have waited longer obviously, but I just want to get it done!

I think for now I will keep our withholding allowances at 9. Dido made me aware that there will be a $500 credit per dependent over age 17 beginning in 2018, so that reduces the tax owed by $1000. I may actually increase it later in the year, but I will wait until we know what the actual college expenses we pay are. Right now it could be as much as a $2500 American Opportunity tax credit and maybe $400 Lifetime Learning Credit. As it stands now, we will have $3918 withheld for 2018, and likely actual tax would be $6900. So we are in the right place with withholding.

And I can see that our next paycheck is higher due to the new withholding tables. The amount is $45.70 more per pay period or $91.40 per month. We were already getting an additional $63.15 per pay period due to my husband's raise. So since December we have $217 more in our pockets each month. And more going to retirement because of the raise! Can't complain about that.

In other news, I sold three more items on eBay in the last week. Not big money, but it all adds up. It goes to the Big Goal...as should that extra income above.

10 Responses to “Taxes Filed & More”

  1. Wink Says:

    Nicely done on your taxes! Hard to get much closer to zero owed or refunded.

  2. creditcardfree Says:

    Thanks, Wink! Yes, that is probably the best we've done. We got to use that money all year rather than having it withheld all year long only to get a large refund.

  3. PatientSaver Says:

    I'm jealous you got your taxes done. I hate having it hang over my head, but I was waiting for 1 final 1099, which I still don't have. I may just forge on with my best estimate, which should be within a few hundred dollars of the exact amount, so I don't think an error would make much difference either way.

  4. creditcardfree Says:

    PS, honestly our taxes are so simple...income, 1099INT and tax credit for the tuition we pay out of pocket. We don't have many forms to wait on. When we owned it a home AND itemized it would take longer. I am enjoying the simplicity of it. I hope you can get yours done soon!

  5. Buendia Says:

    I want to do my taxes! Did my business taxes, but still waiting for a W2 from D's previous employer. So I have my Schedule K, D's W2 from his current employer, my W2. We have our interest. Just waiting for this one W2!!! Grrr! Oh - and D needs to give me the info on the Irish house.

  6. FrugalTexan75 Says:

    I'm waiting on the brokerage statements, then I'll be able to file. We didn't pay enough in interest or other deductibles to make itemizing worthwhile.

  7. ceejay74 Says:

    Hey, unrelated: Do you know if the Boxed.com deal for free shipping for Amex cardholders is still valid? I just tried to order and noticed they would charge for shipping, so I didn't. Is there an order minimum? I don't remember that before, but maybe I always did bigger orders than I wanted to this time. (I only want about $35 worth of stuff.)

  8. creditcardfree Says:

    ceejay, I think the minimum is $50 for free shipping with the Amex card. Smile

  9. ceejay74 Says:

    Ahh, that must be the difference. OK, I will wait until I have $50 worth of needs from there. Smile
    Actually, Amex has a deal right now for spend $70 and get a $20 credit, so I should look around and see if there are any other interesting Boxed items.

  10. rob62521 Says:

    Bravo on having the taxes done and glad you don't owe more.

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