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Taxes Done

February 6th, 2017 at 07:31 am

So my taxes are officially filed. They ended up much lower than I had anticipated. I think what happened is that DH's actual W2 pushed us just over the 125 AGI, so we couldn't deduct the mortgage insurance premiums which were $7k. It's really unfortunate because our AGI worked out to 125,500 and because of that, our refund went down to about $3k. Ah well, such is life. We're grateful to both have secure, well-paying jobs.

That means that we obviously won't be able to do all the things we'd anticipated. With the much smaller return, our priorities are paying DH's brother ($650) and living off last month's income ($1900). The remainder will be split between boosting DH's personal account ($300) and cash-flowing all of our random expenses (personal property taxes for the last 2 months of 2016 in our new county, medical bills, etc.)

I do hope to have some good news this week on increasing our income which should help us reach the other goals faster.

4 Responses to “Taxes Done”

  1. Kiki Says:

    I'm sorry but your mortgage insurance premiums (PMI) were 7K? Did you do prepaid mortgage insurance?

    I bought a house two years ago and didn't come close to 1500 in before I refinanced.

  2. Debt-free by Thir-ty Says:

    There was an upfront premium that was part of my closing costs (about 6500) and then the rest was paid during November and December. I thought it was expensive during closing and I asked about reducing it before going to close, but they couldn't do anything because we had such a snarl down payment.

  3. Debt-free by Thir-ty Says:

    There was an upfront premium that was part of my closing costs (about 6500) and then the rest was paid during November and December. I thought it was expensive during closing and I asked about reducing it before going to close, but they couldn't do anything because we had such a small* down payment.

  4. FrugalTexan75 Says:

    That's a bummer your refund was smaller than you thought.

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