We have received both our state and federal refunds, and paid most of them out as such:
5k orthodontist
540 + 414 yearly business expenses for my husband (sole proprietor)
440 one month health insurance premium for me
We have roughly 1700 left. We have plans to pay the first quarter federal and state taxes with some of this, and will have roughly 400 left after that. One of the main windows in our house (as far as size) is a mess. It has at least 3 broken panes (which we have rather unsuccessfully patched up with cardboard) and is decrepit. It's original to the 1928 house. We'd like to buy a replacement window with the 400-ish, but don't want to be rushed -- plus what if windows go on sale soon?
So in a nutshell, we'd like to sit on that 1700 for a bit and not spend it before I sign on Friday (just me filing). I know that in Oregon, bank deposits to 7500 are exempt, as well as the Federal Earned Income Credit from the tax refund. Our EIC was about 2100, so the remaining amount is below that.
My husband opened a checking account specifically to deposit the refunds into, for a couple reasons:
1) We didn't want to mingle the refunds with other money, so that we (I) could easily account for the amounts spent and what they were spent on
2) I have a couple of suits that could go to default judgment, and we didn't want the refunds in any account that had my name attached to it, ever (like our old joint acct)
So -- not trying to hide anything there, just keeping it separate for easier record-keeping.
If I deposit that 1700 into my personal account the day I sign, does anyone think it would be protected under both the bank deposit exemption and the EIC exemption? I would probably deposit just a couple hours before I sign.
Yes, I am going to ask my attorney as well. But as usual I am up late, my mind is running, and I'm hoping someone else is awake and can give their opinion
5k orthodontist
540 + 414 yearly business expenses for my husband (sole proprietor)
440 one month health insurance premium for me
We have roughly 1700 left. We have plans to pay the first quarter federal and state taxes with some of this, and will have roughly 400 left after that. One of the main windows in our house (as far as size) is a mess. It has at least 3 broken panes (which we have rather unsuccessfully patched up with cardboard) and is decrepit. It's original to the 1928 house. We'd like to buy a replacement window with the 400-ish, but don't want to be rushed -- plus what if windows go on sale soon?
So in a nutshell, we'd like to sit on that 1700 for a bit and not spend it before I sign on Friday (just me filing). I know that in Oregon, bank deposits to 7500 are exempt, as well as the Federal Earned Income Credit from the tax refund. Our EIC was about 2100, so the remaining amount is below that.
My husband opened a checking account specifically to deposit the refunds into, for a couple reasons:
1) We didn't want to mingle the refunds with other money, so that we (I) could easily account for the amounts spent and what they were spent on
2) I have a couple of suits that could go to default judgment, and we didn't want the refunds in any account that had my name attached to it, ever (like our old joint acct)
So -- not trying to hide anything there, just keeping it separate for easier record-keeping.
If I deposit that 1700 into my personal account the day I sign, does anyone think it would be protected under both the bank deposit exemption and the EIC exemption? I would probably deposit just a couple hours before I sign.
Yes, I am going to ask my attorney as well. But as usual I am up late, my mind is running, and I'm hoping someone else is awake and can give their opinion
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