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Federal Taxes

March 17th, 2008 at 10:03 pm

I am getting ready to rant about about AMT!! I truly hate AMT!!!! We are squeezing our funds down to the penny! We are doing the right thing by paying our bills on time, not using credit, saving for a rainy day, putting money aside for retirement and college educations. I received a pay raise last year at new job plus receive my military annuity pay (I recently retired from the military), and my DH was promoted to a higher military rank. All factors put our income at a higher tax bracket which means we owe IRS. (By no means we are not rich living on a military income!)

I am trying to look on the positive side of life because we are blessed to have paychecks. The good thing is that we are able to pay the money. Frown We now are looking into reducing our pay deductions or pay quarterly estimated taxes for 2008. I really hate AMT!

Posted in Personal Finance | 2 Comments »

2 Responses to “Federal Taxes”

  1. Maismom Says:
    March 17th, 2008 at 10:40 pm 1205793649
    1205793649

    Oh, I hear you. Lovely AMT. I increase % of my 401K every time I get a raise, and I set up $3k for FSA to reduce our AGI this year. I don't even want to think about dealing with AMT.

  2. Managinglife Says:
    March 17th, 2008 at 10:56 pm 1205794582
    1205794582

    I did the same for 2007 but still got hit with AMT. Changed my 401K to 10% for 2008 and increased my IRA to $5K. Thanks for the idea of increasing my FSA.

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