Sandi's 2022 multipart challenge

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SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: Sandi's 2022 multipart challenge

Post by SandiSAHM »

Yeah... worse than we thought. SO, DH's 401(k) contribution is up, his withholding has been changed, I'll be sending more quarterly to the Fed; less to the state - but not enough less to offset the big jump to the Fed. Due to expected expenditures between now and June, austerity cannot begin in earnest until June 1 - it'll just be semi-austere 'til then :lol:, then full-austerity for the full 7 months that remain of 2023. Not giving up on the idea of making the savings goal for the year.

On the up side, we can pay all of it in the next few weeks (by April 18 for both what we owe and my Q1 payment), and it'll be easier than it might have been if DH hadn't gotten a bonus a few weeks ago.

In a weird way the challenge just got more interesting.
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: Sandi's 2022 multipart challenge

Post by SandiSAHM »

So we get it all settled and as is par for the course here, Friday my boss announced a somewhat oddly thought out new venture and guess who gets to work for that one, too? If your guess is me, you got it. I warned him more hours = more $, but he wants me on it so here we go, new stuff.

This is so backwards. We get the new quarterly IRS and state payments worked out, and here comes another bump in annual income. I guess I need to ask the accountant if it's okay to pay more for Q2-Q4 (already mailed Q1).

Sometimes I kind of wish I knew more about taxes, but then I remember how often the rules change and feel like it's best left to people who can keep track, LOL. Our tax guy seems to thrive on that; the more, and more frequent, the changes, the more he like an excited teenaged mathematician he gets - it's wild. A chacun son gout!
jgomez1002
Posts: 484
Joined: Sat Sep 19, 2015 8:41 pm

Re: Sandi's 2022 multipart challenge

Post by jgomez1002 »

You can file with your son as a dependent . There are free ways to file that will help you. TaxSlayer is free. DH says he can give you a code to a very affordable Turbo tax that will help you file. Your son does need to file his own taxes as being claimed on your taxes. He needs to file his own taxes NEXT year. You can always amend your return, easy to do before April 15th. Free to do on TaxSlayer. He can even be on your insurance until he is 26 years old.

Julie
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: Sandi's 2022 multipart challenge

Post by SandiSAHM »

jgomez1002 wrote: Sat Apr 01, 2023 8:22 pm You can file with your son as a dependent . There are free ways to file that will help you. TaxSlayer is free. DH says he can give you a code to a very affordable Turbo tax that will help you file. Your son does need to file his own taxes as being claimed on your taxes. He needs to file his own taxes NEXT year. You can always amend your return, easy to do before April 15th. Free to do on TaxSlayer. He can even be on your insurance until he is 26 years old.

Julie
You and your DH are so kind! This year's are done for all "3" of us (DH and I together, each child on their own; the kids were free, and our tax guy is super reasonable - before we were introduced to him, we were paying 3x as much at H&R Block :? ). Both DD and DS are filed as being claimed as a dependent on someone else's return - ours. 2023 may be the last year for DD that way, her school expenses are low this year and come August she should be certified and employed in a 'career' job rather than her current shopper job. The thing I'm ?'d about now is whether she can still be on our insurance when she's a full-time employee eligible for her own employer's insurance. If staying on ours is cheaper for her, I have no issue with it.

DS will be in college full-time from this fall 'til at least May of 2027. When he graduates with his bachelor's he'll be 22. 'Til then, as long as we're incurring college-related expenses (textbooks!! what a scam!! but we rent where we can), he'll be filing with us claiming him as a dependent. His job is a paid internship that suits his desired degree, hopefully the company he's working for will continue to fund their internship program at least 4 more years.

In a weird spin, turns out the company DS works for is a good-sized customer of DH's new employer. It's a small world. :lol:
jgomez1002
Posts: 484
Joined: Sat Sep 19, 2015 8:41 pm

Re: Sandi's 2022 multipart challenge

Post by jgomez1002 »

Your children ca be on your insurance policy in the US until age 26 even if they are employed full time at their own job. I've k own many that have done this. It is very common for NEW teachers to do this.

Julie
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: Sandi's 2022 multipart challenge

Post by SandiSAHM »

jgomez1002 wrote: Tue Apr 04, 2023 9:41 pm Your children ca be on your insurance policy in the US until age 26 even if they are employed full time at their own job. I've k own many that have done this. It is very common for NEW teachers to do this.

Julie
Whew! That's good to know. As long as it's financially better for us to cover them than for them to cover themselves - may as well save them the $. :D
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