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Running the tax numbers

January 7th, 2010 at 12:49 am

I plugged in what I have so far for taxes and it looks like we are getting about $1800 back from federal, I did not do state yet, but usually get about $100-$200 back. Once I get my forms I will efile.
So the first $1K I am going to us to reach my first savings goal of the year, MN trip $1000 (already have $105 saved for it). The remaining $800-$1000 I am still deciding on.....here are my options:
1)Add to EF, this is my 2nd savings goal of the year, and adding $1k to it would get me 1/2 way to my goal for the year of $5K
2)Pay to mortgage principle, this would take about another 6-7 months off the life of the loan
3)Put in checking to give myself a little more wiggle room.....I tend to put too much in savings and towards the mortgage and leave too little to work with so a little more room would be nice
4)Last option is a combination of 2 or more, like 1/2 to the EF and 1/2 to the mortgage

I am leaning towards #1, but am open to suggestions! Smile

2 Responses to “Running the tax numbers”

  1. veronak Says:

    Pay towards debt (mortgage) the sooner the better, but what ever you decide make sure you are comfortable with the choice...good luck

  2. FuturePlanning Says:

    I think you should put it towards the EF. Your mortgage rate is so low, and I know you commented a few posts back that your EF needed to be beefed up permanently.

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