Home > Tax Return Filed

Tax Return Filed

February 18th, 2020 at 02:38 pm

I filed our tax return for 2019 on Sunday. The IRS and our home state where we file have both accepted the returns. My husband's income is exempt in our home state, so we owe nothing and since we didn't have any state withholding taken, there is also no refund.

We are getting a $1,308 refund from Federal. I had several years in the past where we tried to get closer to zero refund or owed, but I have skipped that the last two years because of tax changes and different credits applying for college expenses.

We have decided this refund will be set aside to assist with our youngest daughter's tuition bill. Her junior and senior years are higher tuition because she is an engineering major, so starting in the fall we will have an additional $1000 per semester on top of what we already pay. It is possible that she will get a scholarship that will reduce the costs.

I did run my oldest daughter's taxes through a program and she is getting a $94 refund from Federal and $34 from the state. We have not filed it yet, as I do want to run through it with her so she understands it.

In other money news, we had to buy a Blu Ray player. It sort of sounds archaic to buy one, because we do stream a lot of content, but we do also own DVDs and Blu Ray discs. We have also started renting newer releases for $0.60 from Redbox (after coupon code), which is less expensive than rentals through Amazon, ect. Our old player was cutting off the sound intermittently during playback. We paid $62.99 after a coupon and it's more than I really wanted to pay but we did shop around a bit and this was the one for the right price with the features we wanted.

I redeemed Swagbucks for a $25 Amazon gift card, and American Express rewards for $36.06. I also sold another item on eBay last night that needs to be mailed out.

What will you do with any tax refund you get this year? Save? Pay off debt? Or make an purchase?

6 Responses to “Tax Return Filed ”

  1. mumof2 Says:

    I would just love to get my itin number so we can do our taxes LOL

  2. LifeBalance Says:

    Mostly debt payoff here. I'm determined to pay no interest or fees on the credit card with a 0% that expires in May.

    I still need to help DS3 & DS4 with their taxes. If they get anything back, it'll just be a few bucks.

  3. LivingAlmostLarge Says:

    Have you used all your GI bill and not funding from college funds or cash flowing college?

  4. creditcardfree Says:

    LAL, my oldest daughter has used all what was transferred to her. My youngest will use hers next year or the following, both years are more expensive as an engineering student than her first two years, so it's better to use that GI Bill money one of those years. We have always been using a combination of cash flow, college funds (mostly used for housing) and the GI Bill money. GI Bill money is only covering three years total of the 9 years we have to fund. GI Bill never was going to cover all the costs.

  5. rob62521 Says:

    Good plan on your refund. We don't expect a big refund so whatever we get, we plan to put into savings until we get our real estate taxes and use it to help pay part of it.

  6. FrugalTexan75 Says:

    We're getting about $1400 between Federal and State. The plan is 33% to the bridge fund (future); 11% each to Pets, Medical, and Auto maint funds (present); and 34% split between our fun money.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]