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I started our taxes last night, fearful my guestimations of our refund amount may be incorrect and that we’d be stuck with my student loan debt into eternity. Hubby and I worked as private contractors this year on all our side jobs and did not pay estimated taxes through the year for that income. We earned more than expected on the side work, which of course means, we owe a lot more in taxes than I thought. I typed the amount from side work and… the refund amount on the software window turned to a large, looming, red, negative number.
Great. Not only could we not polish off our debt…
We were going to accrue more.
Before I crumpled into a heap of tears, I decided to power through our deductions and let the cards fall where they may. I grabbed our mortgage interest statement and said, ‘Oh thank God! We paid a fortune!’
Just goes to show the level of my desperation when I’m thankful for Bank of America.
Forty-five minutes and a strong cup of tea later, the amount read…
More than $5,000…
In green.
Plus, I’m still waiting for my student loan interest statement so that number will only get better.
I ran down the hallway, slid across the living room floor in my socks Tom Cruise style, all while screaming ‘WOOOOOOO HOOOOOOO!’ and throwing my arms in the air.
It’s over folks. We did it.
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My Debt
Large Graph- Current: $27,305
- Paid: $70,796
- Original: $98,101
- Emergency Fund: $1500
- IRS Savings: $
- Broken Down:
CC #1: $0 ($64)- CC #2: $0 ($240)
- CC #3: $0 ($650)
- CC #4: $0 ($785)
- CC #5: $0 ($1,500)
- CC #6: $0 ($1,886)
- CC #7: $0 ($1,984)
- CC #8: $0 ($2,135)
- CC #9: $0 ($7,145)
- CC #10: $8,570 ($14,561)
- CC #11: $0 ($24,388)
- Credit Line #1: $0 ($182)
- Credit Line #2: $0 ($182)
- Auto #1: $0 ($16,579)
- Auto #2: $0 ($25,819)
- Cons. Loan: $18,735 ($20,000)
- Get this plugin
YAY!!!!!!!
SO VERY happy for you both! Good job! You may be able to go onto Sallie Mae now and print off your tax info. I know I did that last year. Our taxes are on my to-do list as well. Please God, make that return large!
Again, so very happy for you both! Please keep us all updated in how it goes with life after the snowball!
Congratulations on hitting a mark that gets you out of debt!
Now obviously with that refund, it’s a non-issue, but I’d be careful not paying the quarterly estimated taxes. If you ever end up oweing, you will be fined for not paying quarterly.
So proud of Mr. and Mrs. Beks! Live like no one else!
That’s amazing! Although it means we’re closer to the end of your blogging which is sad.
Should I be happy or should I be sad?!
Beks,
You are an inspiration to so many…
When did you seriously start paying off your debt? Just wondering how long it has taken you to pay off $40k. That is an amazing feat! Congratulations!
You are such an amazing inspiration! Congrats!
That’s amazing. I know the feeling of seeing that looming red number while figuring taxes. Mine is there too, but there are no deductions to turn it the other way. Hubby’s situation and mine both changed significantly enough last year to have a huge effect on our tax bill. I finally had to walk away from it for a few days and will start over again this weekend while I hope and pray that number looks better the next time I try.
Oh, and congrats!! Knowing that debt is paid off will be a huge weight off your shoulders!
Yay so exciting!
Congratulations – that’s very inspiring!!
That is SO exciting! You did it!
CONGRATS! Beks you did it!
I just used my refund to pay the next years worth of student loan payments. It now sits at 998. I want to pay it off sooooooo badly, but I have other debt I need to work on this year. So I have to be patient for the next 12 months until I get next years refund.
Congratulations!!! I’m also glad I’m the only one who does the “OMG how much do we owe!! dance” until everything is completed. We got back $600. Much better than the $1000+ we owed at the beginning!
Congratulations! So sad that the end of your debt blogging is near, but so happy for you and your accomplishment!!!
Congratulations, Beks! I am also sad that you won’t be blogging anymore, but am so happy for your family. God bless you!
I know I should be happy for you, but now I am sad that I won’t get to read your posts…
Congratulations!
Congratulations on hitting this milestone! One suggestion I would make is to keep the same level of intensity up for a bit longer and build up a little more savings if owing $5k wa going to put you deeper in debt as you mentioned. I know you were planning on that anyway:)
Congrats!
Agreed with Jason. Being debt-free is a GREAT milestone, but *staying* debt-free will be an even bigger one. Good Luck!
Congratulations!!
Congrats and thanks for the inspiration! Hope it feels wonderful!!!
Congratulations, that is wonderful news! As for the extra income, it might be helpful to do a run through quarterly to make sure you are meeting your tax obligations so you can avoid a penalty. I used to do that all the time, just to make sure. My goal was to try to break even every year. No use letting the government use the money all year and not pay any interest.
With the extra, maybe you can look around for a new furnace.
We’ll miss your posts. Good luck.
WOOO HOOO!!! Big congrats to the both of you!! Happy Dance Time!