What are you doing with your tax refund?

Original post by suven

Jan 27, 2005 04:14 PM

I work in NY, but live in NJ, so I will be getting money back on that.

DH had said he wanted to split the money, and we each decide what to do with our half. (He'll get a big deduction for what he paid in tuition, as well as the interest he started paying on his student loans)

We'll be able to use our closing costs and mortgage interest as deductions.

So, I told him that I'm not splitting it in half because I'm going to get at least a couple thousand back from NY and I want that to myself to put toward redoing our bathroom. (So, I guess it's not just for ME, I just want COMPLETE CONTROL over it)

He has student loans, so he wants to put some toward that. I've had a much higher tax deduction from my check ALL YEAR, whereas he had the money in his hands every week to spend. But, then again, he does have those tuition deductions.

But, financially, the smartest decision is probably to save the money and put it toward a house, right?

What's the federal advantage to being married? Are the taxes higher or lower?

What are y'all doing with your refunds?

antoinette Posted: Jan 28, 2005 07:49 PM

Re: What are you doing with your tax refund?

savings account for our son and paying off my car yeah

JodiBabe Posted: Jan 28, 2005 07:56 PM

Re: What are you doing with your tax refund?

Into our joint savings account to go towards renovations on the house.

Janine24 Posted: Jan 28, 2005 08:56 PM

Re: What are you doing with your tax refund?

it's going into the house fund...

or into a vacation account...

franksbride Posted: Jan 28, 2005 09:14 PM

Re: What are you doing with your tax refund?

I'm not sure yet...but, we'll probably pay off a credit card and start re-doing our bathroom or kitchen.

halloweenbride04 Posted: Jan 28, 2005 09:38 PM

Re: What are you doing with your tax refund?

It's going directly into our house fund.

Pickle Posted: Jan 29, 2005 11:43 AM

Re: What are you doing with your tax refund?

some to put into mortgage, some to savings (for later house renovations, DH needs a new car, who knows what may come), some to pay for my school tuition for summer.

we like to spread it around, although its not that much. a little here, a little there - but its a nice refund with all that mortgage interest we've paid!!!