Yay! Our Taxes are Completed

One of my goals this past weekend was to double-check our tax returns and then submit them. We were due to get about $500 back. Boy, I’m glad I double-checked things. I put a wrong number in under our income. With that correction, it will bring our federal and state refunds to around $650.

I’ve heard reports of people getting their e-filed direct deposit refunds within a week. If all goes well, we will be able to reduce our debt below $13K by the end of the month. For giggles, I took our current debt and subtracted our tax refund and the economic stimulus check that should be arriving in May (for us, it will be $1,500). That will put our debt at $11,249. Wow. With our contributions, by the end of May we could be under the $10,000 mark.

Then we will really be in the “home stretch” once our debt is in the four figure range!

Posted by Tricia on March 10, 2008 at 11:53 PM in Life Experiences | 9 Comments »
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Rob Madrid responded:
Posted: March 11th, 2008 at 3:59 am
Wow, know the feeling, I just made a CC payment a few days early so that it would be on this months cycle. With that payment it will mean the card will blast through the 1500â‚¬ barrier. For as long as I can remember that card has been maxed out, a few times I’ve got it down only to max it out again! What is really wierd was when the wife asked if I wanted to use her quartely bounus to pay off the afore mentioned CC I said don’t need it as it will be paid off by then.

What a feeling!!!!!
Mr. Debtbeater responded:
Posted: March 11th, 2008 at 10:16 am
I recently posted about our tax return as well, and it seems a lot of people are finding errors after double-checking things before sending. (I almost had a SSN wrong, but triple-check every year after having submitted incorrectly once.)

I got my state return in just under a week, but my federal return took about 10 days. This was back in mid-February using eFile w/ direct deposit.

Next step, adjusted my W4 to not get 7K back again next year.
Jim responded:
Posted: March 11th, 2008 at 10:18 am
I have yet to do my taxes for 2007 but there is still just over a month left. My plan is to have them completed within the next two weeks. Just so you know those checks the government is mailing in May will take time to actually receive. First everyone who wants to get one has to file a 2007 return to make sure you qualify and how much. Here’s the chart for the timeframe we will actually see these checks in the mailbox:

Week / Last 2 digits of your SSN (or first SSN listed on return) / Receive your check by week of
1: 00 – 09 – July 23
2: 10 – 19 – July 30
3: 20 – 29 – August 6
4: 30 – 40 – August 13
5: 40 – 49 – August 20
6: 50 – 59 – August 27
7: 60 – 69 – September 3
8: 70 – 79 – September 10
9: 80 – 89 – September 17
10:90 – 99 – September 24
Rachael responded:
Posted: March 11th, 2008 at 12:15 pm
I have some nice plans for my check. Thanks for the information!
Tricia responded:
Posted: March 11th, 2008 at 12:25 pm
Jim! Burst my bubble! LOL. Do you know how things are changed if you have the check direct deposited? TaxCut (the tax program I used) noted that the stimulus rebate check will be direct deposited if you direct deposited your refund.

In any case, maybe we’ll still try to reach the four digit mark without the stimulus check I’m still a crazy-selling fool right now.

Rob – that is awesome!

Mr. Debtbeater – I would faint if I got a 7K refund
Jesse responded:
Posted: March 11th, 2008 at 4:58 pm
Nice! I still haven’t finished mine (shame on me)
Jim responded:
Posted: March 11th, 2008 at 10:07 pm
If you are doing a direct deposit then you will receive your stimulus payment as a direct deposit in May. That chart has more to do with people who don’t get a refund because they withhold the correct amount from their paycheck. It makes more sense to do direct deposit vs waiting until summer to get a paper check. Either way this is a tax cut for 2008 income taxes we won’t have to pay or receive in a refund next year.
Tricia responded:
Posted: March 12th, 2008 at 7:01 am
Jim – thanks for the info. It brings up a good point about relying on the stimulus check.
The Frugalista Files responded:
Posted: March 13th, 2008 at 4:54 am
Congrats! The home stretch feeling is a good one. *runs to do taxes*