This year, since we're renting out our house, I was a little unsure about one thing, but I was able to call Military OneSource (at 5pm Hawaii time, on a Saturday), and they answered my question right away. Since we rent out our home in Georgia, aside from federal taxes, we also had to file taxes with Georgia. This was our first time having to do state taxes, since we're originally from Florida, and that's Hubster's home of record with the military, and Florida doesn't tax your income. That might be the only cool part about Florida..
Aside from the scary state tax part, everything else was easy. We print out W2's and all the other 1098/1099 things from savings and retirement accounts, and as I enter each one, I move it to the completed pile. I was extremely happy with the return amount that we got, especially since for 2012, Hubster had zero taxable income, which means zero tax return.
In the past, we've used our return to pay down debt such as student and car loans. Lucky for us, other than our mortgage, we're essentially debt-free this year. Our plan is to use part of the return to make an extra payment towards the principal on our mortgage. I'd also like to put a decent chunk into each of the girls' 529 plans for college. The more we save on that now, the less we'll have to pay in the future. Hubster also just mentioned going on a Hawaiian island cruise. We're big into cruising, and although it won't be on our preferred cruise line, it'll be a really nice fun way to get to see all of the Hawaiian islands. And I'm sure he's going to want to put a bunch towards retirement. Is it possible to save too much towards retirement?!
Have you filed your taxes yet this year? What do you plan on doing with the money that you get back?
Visit my wonderful sponsor: