Tax time

Here are some relevant posts:
There is, of course, another type of IRA, the education one AKA  Coverdell Education Savings Account.  I don't cover it in the post, but you can learn more about it at

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Orthonomics said…
Good post on the "or what" part of a large tax refund. I always tell people not to get too excited. That is your money!

The hard thing is knowing how much to withhold because credits you take in one year might not be there the next.
Ariella said…
Thanks. We have the situation of a refund from the federal and one state while having to pay in to another state. Fortunately, the amount we owe is relatively small, so we don't have any interest or penalties. Because the amounts typically taken off payroll do not account for mortgage interest, property taxes, childcare costs, and charitable contributions, we usually do get money back. But I know it is not a gift but only the return of a free loan.

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