No, not super bowl. Or winter. Or the new year. Or Christmas or Valentine’s Day or summer. It’s time to file my income tax return! And also to pick my health insurance options for the next year. I am pretty glad though that tax return filing and open enrollment happen when it’s not summer out and I want fun outdoor activities!
I’m still waiting on one last form to come in and then I’ll be done with my income tax return :) Last year, I fidgeted with FreeFileFillableForms.com and finally gave up on that in early March and tried TaxAct.com. It was magical. It didn’t cost ~$60 like TurboTax did – it was free. So this year I just rolled on over to TaxAct.com since I have most of my tax documents and it was pretty easy. Within an hour or two, I was pretty close to done. Despite the fact that I had two W-2s, three 1099-INTs, one 1099-DIV, one 1099-B, a 1098, property taxes, charitable donations, and the state sales/income tax deduction.
Oh, don’t you worry. I totally did my return on paper 4 weeks ago, before TaxAct.com was available. I will never stop doing my return on paper, even if I don’t paper file because e-file is magical. I underestimated a couple of deductions, but was otherwise pretty close to the TaxAct.com result. I had estimated I was going to get about a $200 refund and with TaxAct.com’s help, it’ll be just under $400, which will go directly to the mortgage.
What about 2014? I’m still unsure exactly what I’ll do for taxes in 2014. It all depends on what my bonuses end up looking like. I’ve set my W-4 allowances to 0. I’ll either make some estimated tax payments to offset the difference or increase my W-4 withholdings. I’m putting that decision off until at least when I get my first bonus though since I really won’t have a precise estimate of how much it will be until the day of. Making an estimated tax payment might be the easiest way to deal with this. What do other people with large bonuses do?
My employer made our insurance premiums marginally more expensive for the next year, but that’s okay. The premiums are still incredibly low. The deductible and out of pocket maximum are staying the same. I’m debating how much money to add to my HSA (Health Savings Account). Some of you might think this is dumb of me, but I see it somewhat as a glorified FSA (Flexible Spending Account) that I can roll over from year to year and employer to employer and that my employer puts some money into. Last year, I put the maximum in, which worked out to just over $200/month on my part. My goal is to have a full year’s deductible and out of pocket maximum in it at most, so I may only put $90/month into it this year. My employer will let me change that at any point in the year, so I’m not stuck with “only” a $90/month contribution. Plus, this will help in my quest to pay off the mortgage ASAP.
Happy tax fun everyone!