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Tax Refund

February 18th, 2010 at 09:17 am

DH and I got our tax refund earlier this week. I can't believe how fast it came! As soon as I noticed it hit our checking account I quickly transferred it to our ING savings account. Don't want to waste a second of higher interest. Smile

We get a huge refund, over $2500. I know that we shouldn't be letting the government have it interest free, but we don't have a strong need for it and apparently the government does. Also I'd much rather be receiving money than having to pay.

This is the second year in a row we've had large refunds. I'm sure it's because I barely contribute to our income and we have to pay tuition. This next year, 2010, we may also be able to itemize our deductions and save any more. Although I haven't crunched the numbers yet to see if the interest on the house and possible interest from the student loans would make it worth it to itemize.

In anticipation of this I've increased the number of exemptions claimed on DH. Hopefully this will give us some more cash throughout the year but not make it so we have to pay come tax time.

As far as the refund goes I don't think we had a set plan for it. I did put some of it into our vacation fund in anticipation for our two week trip to Costa Rica. The rest of it has gone to our "housing/downpayment fund." That's sort of our catch-all for any extra money. When DH gets home the end of the month we may discuss if that's what we want to do or to put the money into other places.

1 Responses to “Tax Refund”

  1. Jerry Says:

    I think that Costa Rica sounds fantastic at this time of year, and it will lead to some nice R&R, as well. That is one nice thing about the insurance of a tax return... enjoy the windfall!
    Jerry

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