Uncle Sam came thru....Yeeeaaayyyyy!!

[mkuki]

I got my federal refund today...$11K from feds, still waiting for $3K from the state...

I moved that cash into my savings acct so that it does not mess with my mind on actual "inflow & outflow" from my checking acct. (all the cash is in a neutral bank)

My wife has been squeemish on spending that cash on a van, since it takes away our cushion if anything should happen job-wise given the economic environment. My question now is, if I'm letting my property go in the future, can I use the $10.5K fed exemption to keep the money, or is it better to just buy a van and have it titled in both our names.

Keep in mind that getting a van in the longrun is inevitable due to my son's need for a wheelchair...

[jktrading]

You may also consider changing your withholding on your W4's. With getting $11K back, you gave the government a no-interest loan when you could have had an extra $1167 per month more in the year ($917 fed + $250 state). We got 6.5K back on fed, $81.00 from state, and that's what we did.

I would buy a van. Unless you know from the news or something other than water cooler talk that your job is in jeopardy, I wouldn't assume it is. You shouldn't live on a bunch of what ifs.

[mkuki]

You may also consider changing your withholding on your W4's...

My withholdings are not that high...I have 4 (me, wifey & 2 boys)...the reason it's so high is due to job loss, relocation, remodelling of property and not getting 2008 stimulus money that showed up this time around... etc. Trust me, I am not one to give the gov't free loans...

[fltoo]

If you always get some kind of refund, you might want to raise that number to 5 or 6 instead of 4.

Do you have a home interest deduction?

[mkuki]

Do you have a home interest deduction?

yes, I claimed mortgage interest, student loans interest, donations to charities etc