I Filed our 2012 Taxes

I filed our 2012 taxes this past weekend. We are going to get a pretty hefty tax return. $8,000 of our hard earned money is coming back to us. We actually projected our taxes as if we were making our annual salary. But since, we started working halfway through the year after graduation we didn’t make as much money as we projected. Both my husband and I, also, had education credits this year ($5,000 of education credits). Thus, we ended up getting back all of the taxes we paid in last year. This money will be going to paying off our car loan in March and funding our down payment fund :) Yippee!!!

While getting a tax return is cool, I don’t like giving the government an interest free loan. We were trying to get used to the amount of money we receive monthly from our paychecks, and thus, decided to pay the regular tax rate.

I used Turbo Tax to file our taxes. I think it’s an excellent software program to use if your taxes aren’t too complicated. I like doing my taxes because I like to understand all of our deductions, exemptions, and credits. What program do you use?

While I dislike paying taxes because I think our government does not utilize our funds wisely, I much rather pay taxes than live any where else. As Americans, we are very lucky to live in this country. When I read about a labor camp in North Korea, women being unable to vote in the Middle East, the warlord states in Africa, I am thankful for being in this country.

Will you be getting a tax refund this year? What’s your plan?

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22 responses to “I Filed our 2012 Taxes

  1. our taxes have been all over the place the past couple of years, due to my husband’s work. I can’t wait to figure out what our annual return will be. And I get the whole interest-free loan but interest is so little these days, I would much rather get a chunk of change back (although we usually only get $1,000 or $2,000) than have to worry about owing.

  2. Sounds like a sizable amount to get back. Most I’ve gotten back was about $3K. Not sure how much I’ll be getting this year. Still have to gather all the paperwork. Will probably use any refund, if there is one, to buy some Disney stocks. Before the new Star Wars comes out :D

  3. We got back $9,000 this year. Woo! But we had to use an accountant. Our tax situation has become very complicated within the past few years. But it was worth the $300 to know that we won’t be audited!

  4. I’m anticipating a tax refund. I tried to do my taxes last weekend but ran into Turbo Tax software issues, grrr… I am going to have another go at it this weekend.

  5. Woo! I finally filed my taxes and I should get a little over $1,000 back, which I’ll apply as an extra principal payment to my mortgage:) I didn’t really understand how itemizing worked, which is why I got so much back, but now I know better and hopefully I’ll get a smaller refund next year!

      • Yup, I did! I didn’t expect to, which is why I got so much of a refund. Mortgage interest + property taxes + state sales/income tax + charitable donations + points on the purchase loan + part of my vehicle tab renewal fee. If I was married, I wouldn’t have had enough to itemize though and I never will because my property taxes are cheap and I pay so little in mortgage interest.

      • Yeah since I’m married, it’s hard to beat the standard deduction. Question, when you are itemizing taxes, do you still get the exemptions subtracted from your taxable income?

      • Yup, you still get the exemptions! Pretty sweet. Despite my gross income going up about $25k, my taxable income only went up about $5k. (I also split between Roth and Traditional 401(k) in 2011, but just used the Traditional in 2012.)

  6. My tax refund is super small because I made a fair amount of money that wasn’t already taxed. But the good thing is I don’t have to pay any taxes and will get a little bit back. Man I wish the good ol’ days of having school credits to deduct for taxes. Oh well.

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