Taxes *

Around this time last year (actually more like around April 15), I filed my taxes and had to pay over $2,100!  This was the second year in a row–for 2012 I had to pay $1,900!  At least last year, I was prepared for it.  Having two jobs in different states, I never quite figured out how to best do my withholding.  But with Job 2 ending in June, the withholding from (permanent) Job 1 would probably be enough that I shouldn’t owe, or shouldn’t owe too much.

But the man and I had our civil ceremony this year, so we can file together.  Seeing as he’s a full-time student, this is extremely beneficial to me because 1) the added personal exemption; and 2) the larger standard deduction.  Add to that some deductions for expenses for our house, and education credits, and we’re very happy with preliminary numbers on our federal return.  A good chunk of this will be paying for our honeymoon.  I also expect that I will be zeroing out UG4 when the return hits my bank account.  The only hold-up is that I’m waiting to receive my W-2 from former Job 2 — though my paycheck/withholding was the same every month, so I have a pretty good (if not exact) estimate in.

After elimination of UG4, I’ll be down to:

  • UG5 (the last one from undergrad!):  $4,410
  • Law School 1:  $6,056
  • Law School 2:  $13,145
  • Former Federal Loans:  $69,468

And with March’s payments, I’ll be under $93,000!  I’m pretty happy with that.  UG5 will soon be getting $225 a month.  It’s a little hard to think that I used to pay about $1,000 to the federal loans (the minimum if they were on a 10 year term instead of a 25 or 30 year), and another extra couple hundred (or $1000!) to my undergrad loans!  Damn I miss having a second job sometimes!  Damn I hate paying a mortgage!  Now it will take me four months of regular payments to get to a $1000 reduction in principal on UG5…but at least that’s an extra $200 a month, instead of just the minimum.  Hopefully we can keep some costs down on the honeymoon (even though I haven’t been on a vacation in FIVE YEARS), so they’ll be a bit more to loans!

 

 

 

*I’m temporarily excluding my net worth, as I’m shuffling some money around accounts

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