There’s 1 for You, 19 for Me

With thanks to the Beatles….

Well, our 2014 Tax Return is nowhere near as lovely as our 2013 Tax Return was! Sadness.

This year we’re going to get back:

  • $82 (Federal)
  • $12 (State)

Now, don’t start in on me about how if you break even that’s good because if you get a refund, you’ve given the Taxman an interest-free loan. I know myself, and I know that I do best when I get a good chunk o’ cash back and it makes me feel GOOD! </rant>

Why did this happen?

It looks like I made a mistake on my exemptions when I started working my side hustle back in February 2014. I claimed too many, it seems. I did that job for about 6 months and I brought in a really good amount of extra income each month (which was entirely funneled to Debt Eradication). Then, when I got the full-time gig and changed jobs (giving up the part-time side hustle), I claimed “0” exemptions. I had high hopes that it would pay off by forcing us to live on even less each month and then generate a nice bonus as a refund. Unfortunately, we barely broke even. We’re luck we didn’t end up owing!

Our Net 2014 Tax Refund: $22.02

So here we are, getting $94 back – and then we also used Turbotax to file, so that’s costing us $71.98!

That comes to a grand total of $22.02.

Ohhhhh, boy! It’s going to be so difficult to figure out what we can do with that refund! So much cash!

Hmmm… we could:

  • Buy a fast-food dinner out for the three of us (ewww)
  • Go to a really cheap matinee somewhere (well, one or two of us could – not sure about all three of us)
  • Get a nice bottle of wine (actually, that kind of sounds appealing)
  • Let it disappear into the abyss of our checking account and forget about it (sad, sad, sad)

Well, of course what we’ll actually do is snowflake it directly to our Student Loan Debt Eradication fund (housed in our savings account) to be added to the steadily growing pile of dollars that we’ll use to make a large lump-sum payment sometime in the near future.

Because I strive to be a positive person, I did find some things to be grateful for about not receiving a large refund:

  • Although I did the exemptions wrong for my part-time gig, we used ALL of that income directly for Debt Eradication. We were able to pay off our car loan much faster because I had the job, and the extra exemptions I claimed probably helped us pay it off even faster. I can be grateful for that.
  • We didn’t end up owing taxes!

Just one more note: I don’t actually hate that my taxes go to fund the things I value in our country. I don’t even mind giving the government an interest-free loan – I tell myself that it’s for the Greater Good. (Anyone else seen Hot Fuzz?)

Has anyone else been horribly disappointed by their tax refund this year? Please tell us a tax horror story to make us all feel better…. (Misery loves company, right?!)

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5 thoughts on “There’s 1 for You, 19 for Me

  1. I get that it stinks not getting a big refund… but you did your taxes “perfectly” really… you were able to eradicate A LOT of debt with your extra job and then you almost came out even by the end of the year! It’s almost like you planned it that way 😉 lol.

    We are on the opposite end… we paid way too much in taxes throughout the year so we should get a fat refund in the next month. But this is only because I am not employed and a good portion of my husband’s pay is not taxed. Plus we have my husband’s college expenses and our rental home expenses to deduct. We will be adjusting with holdings this year… because how I look at it… not only did we give the government an interest free loan… but we paid 4.75% interest on that money, because it could have gone towards our mortgage to begin with… oh well, live and learn! Best wishes!

    Liked by 1 person

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