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The good, the bad, and the ugly

April 2nd, 2013 at 05:45 pm

I will start with the ugly....we owe taxes...to the tune of approx $2000 between federal and state. The main reason is we lost DD1 as a dependent, due to accounts she has to pay her college expenses....a UGTMA and a trust....we also lost the education credit and the american opportunity act credit. Add to the fact our with-holdings were out of whack. This is the first time in years we have owed. Bummer.

The bad....the savings account will take a hit Frown

The good.....we have the money to pay for it!

To avoid this in the future....we have adjusted our with-holdings and increased our 401K/SEP IRA's.

We may get a couple of those credits back next year (for 2013) as DD2 will be entering college this fall.

We will see.

Another very important reason to have an emergency fund.....I am thankful we do!

1 Responses to “The good, the bad, and the ugly”

  1. creditcardfree Says:

    It is never fun to owe when you aren't expecting it. Glad you have the cash to pay!! That is the best.

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