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Tax Season: Good & Bad

Discussion in 'Fred's House of Pancakes' started by boulder_bum, Feb 1, 2008.

  1. boulder_bum

    boulder_bum Senior Member

    Joined:
    Mar 11, 2007
    1,371
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    Location:
    Castle Rock, CO
    Vehicle:
    2007 Prius
    So I filed my taxes today. The good news?

    • I was able to receive the ~$1500 federal tax credit for buying a Prius.
    • I received a $3000 Colorado tax credit for the same!
    • We ended up having more charitable contributions than average because of some logistical stuff last year.
    Things that sucked:
    • My wife and I made too much to qualify for the child tax credit, though we had a baby this year (nice problem to have I guess).
    • Ditto on deducting the interest paid on our mortgage from the house we bought this year.
    • My wife's employer didn't withold nearly enough, so our refund is much lower than it could have been.
    ...and lastly, TurboTax cost $19 with a Costco coupon we had, but to e-file federal and state, it cost an additional $35! Weak!

    Not that I mind paying around $55 for tax software, I still think it would be worth it, I'd just like to have the e-file fee factored into the price up front or something.

    Anyone get any big refunds this year because of the Prius or other stuff?
     
    #1 boulder_bum, Feb 1, 2008
  2. galaxee

    galaxee mostly benevolent

    Joined:
    Mar 14, 2005
    9,810
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    Location:
    MD
    Vehicle:
    2005 Prius
    ours is good and bad as well.
    income was far short of expected numbers this year so all my extra withholding will be coming back shortly.
    more tuition expenses, more tax credits.
    if it comes down to it, the recapture for the deduction we took in 05 ends in march, so we could sell the car if needed without penalty.
    despite my extra withholding, we still owe $20 in to state :confused:
     
    #2 galaxee, Feb 1, 2008
  3. moxiequz

    moxiequz Weirdo Social Outcast

    Joined:
    Feb 28, 2007
    2,781
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    Location:
    Bay Area, CA
    Vehicle:
    2007 Prius
    So far it's looking like I'll get a decent federal refund due to the Prius purchase and some charitable contributions. It's been years since I've had a refund (which, is fine and good - better that money be working for me rather than as an interest free loan to the government). I usually end up owing a couple hundred on both federal and state.

    I will end up owing the state of CA about $300 though. Ouch. Wish we had a Prius state credit...
     
    #3 moxiequz, Feb 1, 2008
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