For those using taxes to pay down debt . . .

[USAmma]

just thought it would be fun to get a breakdown of your refund.

We plan to use $500 to get the timing belt on our car changed out. It's due.
The rest is going to pay off a credit card. If there is any left over (hopefully) it will go into savings. We plan to let the money build up in savings until we can pay off the home equity loan. The reason we are not applying it directly to the loan is in case we have an emergency and need access to it. We have a good rate on the loan and it was for our flooring re-do a couple of years ago.

We are not going to give ourselves any spending $ because we are trying very hard to have a no-spend year.

[Belleweather]

We're getting about $3500 back from the feds. $2000 will pay off the last of our moving debt, $1500 will go into an emergency fund. I don't know what we're getting back in state taxes, but it should go into the emergency fund but some of that may have to go to a trip I need to take to Washington this spring. I'm exerting my willpower not to buy new couches for our living room, which I really want, until we've got 3 months of expenses in an emergency fund again. It's tough.

[phathui5]

We have an appointment to do our taxes Monday. Then I'll know what we're getting back and can come up with a breakdown. We were supposed to go do them tonight, but the babysitter was busy and taking four kids could be un-fun. I am dying to do it though.

[annethcz]

Although we adjusted out withholding, we owe several hundred dollars to the state for income taxes again this year.

So we'll take the first $700 of our federal tax refund and use it to pay our state taxes. The remainder of our refund will go towards debt. Thanks to the tax refund, we should have everything but the mortgage paid off by March

[DandeCobb]

we are just hoping for enough to pay off our medical debt and save some to pay for our not yet received medical bills. that is our only debt besides our mortgage. paying 6 months of car insurance would give a nice monthly breathing room, too.

[RoadWorkAhead]

We'll use about 1/8 to pay off any CC debt incurred from this layoff, about 1/8 is going to savings. 1/2 is going to a new (used) vehicle for DH. The remaining 1/4 is going to laminate flooring or savings to buy laminate flooring. I've got to figure out exact numbers on everything, but thats the basic plan. We're also getting 3 months of back SSI for DD since the amount was increased during the lay off and DH will be working a shut down, so we'll see what we have extra after that. Anything extra goes to flooring first, savings 2nd and a new recliner from Costco as the last special treat.

[llamalluv]

We are getting back about four grand. $1250 is going to the credit card to pay it off, $1000 is going to start our house fund, and the rest is going into the bank for our trip in April. We are flying to visit my mother and sisters in Arizona, and then renting a van to take my mother, sister and her kids to visit our father and grandmother in California. We are planning on being gone for 2 1/2 weeks, and we need to cover hotel, rental car, and food so we figure between 2 and 2.5 thousand should cover it.

[ArtsyMomma]

I think I'll be getting back about $4500 total fed and state. Ex and I weren't sure who would be claiming the kids, etc so on all of my w-4's I only took 1 deduction.

Breakdown....

$500 into an emergency fund

1450 to back rent
175 to OB/GYN
160 to back cable bill (has since been canceled, this is the remaining balance)
325 to Ikea card (will be paid off)
650 to Target card (paid off)
600 to chase (paid off)
The remaining 640 - I may pay my car insurance for the year (due in July) OR put 600 towards my capital one card.

Remaining debt after (assuming I pay the cap 1 card instead of the ins.

2170 not counting student loans that are in deferment - I'm a studen

1405 - mastercard
500 - medical debt from child #2's birth
265 - remaining balance on capital one card


I will try to negotiate with the cc's - as a few of them haven't been paid in months to spread my $$ a bit further.

Also ex-dh owes me $3650 - and I'm assuming I will get a portion of that after he gets his taxes back - at least that is what he has been saying. If I get that $$ - I'll pay off the remainder of the debt - the rest is going into savings.

[baileyandmikey]

I am paying on all our credit cards, getting caught up on the bills that have past due amounts, paying to get some work done around the house (well, dh is doing the work, but we are getting supplies), getting the kids summer clothes, buying a breast pump, shoes for the family (ours are totally shot!), and a few other things. I am almost done filling, will have all taxes submitted tonight, although we do owe the school district so we are paying that off too!

[claddaghmom]

All towards debt. Then we're taking money from DH's income to go to Florida. Wheeee

[Contrariety]

1500- Pay DH's emergency short term tuition loan
1000- Re-boot the emergency savings fund
200- I'm totally splurging and taking a weekend trip with my girlfriends! :
Anything else, about 800-1000- pay down CC debt.


We would have been able to pay off the CC in full with the tax return, but we had to scramble at the last second to get dh's tuition covered, and obviously came up 1500 short. Oh well... I'll tarry on...

[seeing_stars]

Not sure how much we will get back this year.

2k to my CC (paid off and put away)
1200 in a savings account for our insurance deductible (renews in April, I am due in April)
DH and I will split the rest as "fun" money. I'll use my fun money to pay off the last couple hundred of medical debt that I have then buy a few things for the new baby.