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Taxes & Refund Money Dilemma

February 1st, 2008 at 08:27 pm

I have all of our W-2s and 1099s ready to go, but am waiting on a statement from my school (tells how much I paid last year in tuition/fees so I can get a credit), and the statements from SallieMae for both of our student loans (tells how much we paid in interest on our loans and lowers our AGI).

We will definitely be getting a refund this year so I'd love to get moving and get the taxes filed. I started putting the information we do have into TaxSlayer (free federal and state filing for us this year), and found out that I also have to wait until after February 8th for a certain form that the IRS has not yet released for 2007 (I think it is the form to report the school tuition/fees actually). Frown

I am anxious to receive the money so I can put my plans into action. Between refunds from federal and state taxes, we should have enough to reach $6,000 in the EF and have some leftover.

The leftover amount will probably be about $800. Here is where I have been second-guessing myself. I intended to put the money over and above the EF towards the $8,800 credit card that is at 0% until Feb 2009, but now I am wondering if I should put it toward a trip to DisneyWorld for the 3 of us.

My daughter has never been and she will be 10 years old this year. I am feeling sad that we have not been able to take her and, while I know she is still a little girl, she is getting older. We have alot of plans (pay off debt, buy a house, save for her Bat Mitzvah, etc), and if we don't do it this year I am afraid we will not be able to do it for another 4-5 years or more...and then she really will miss the magic of seeing Disney through the eyes of a child. :'(

I guess I will talk it over with my husband and see what he thinks, but his eyes tend to glaze over whenever I try to crunch the numbers with him.

5 Responses to “Taxes & Refund Money Dilemma”

  1. boomeyers Says:

    Could you use the extra rebate check the government is sending in June/July to pay for a trip? Or is this amount included in the amount you have listed here? Or do you make too much to be able to receive it?

  2. MariRDH Says:

    I'm not sure if we'll be getting that one so it is not included. We are one of the families that will not have to pay taxes for 2007 (that's why we're getting a refund), but next year we will be in a totally different ballgame since I will have been employed for all 12 months of 2008.

    We'll have to see what the final legislation looks like on the rebates. As it stands now, my DH and I both earned at least $3,000 in 2007 so I guess we would get $600 plus $300 for our daughter? Not sure though.

  3. monkeymama Says:

    I think she'll survive. The first time I went was around 10 or something. I have to tell you I never regretted not seeing it as a smaller child. & yet I still LOVE to go. We are going this year. I have to say it is way less for the kids and more for us adults. LOL. She will still have many many years to go to DW. That's my opinion. I guess my point being it can be pretty magical as an adult too. Wink

  4. creditcardfree Says:

    I really think Disney World can be enjoyed at any age. My husband went for the first time at 36 and loved it just as much as the kids. I went for the first time when I was 14 and I couldn't wait to go back. When we went to Disney 2 years ago. We were debt free except our mortgage and we paid cash for the entire trip...that's the way to experience Disney!!

  5. CanadianSaver Says:

    Has your DD asked to go to Disney World? Maybe she doesn't really want to go? I remember when I was younger the in-thing was to go to Florida (from my little town in eastern Canada)... while I'd say half of my class went, I never wanted to go, not even now. I'm glad my parents didn't plan without asking us.

    But if you do want to go as a family, I'd save for it in your FA... I'm sure she'll enjoy it as much at 11, or 12 or 13 as she would at 10...

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