"Reminds me of the year that I had to write a $4 check to the Feds"
Yep! The only reason it was so low (and our fed return lower) was due to the "cash-out" of 1/2 of my 401k. I had taken a loan out against it to buy our house in Framingham and was paying it back each pay period - until I was laid off from THP. Even though that all happened in 2002 it didn't apply to taxes until 2003 (I think they give 90 days or something to pay back the loan first before considering it a payout). We're hoping with Brian's new job that he'll be able to roll over his nCipher 401k to the new company and that the new 401k plan will allow him to keep paying back that loan - if not, we may bet burnt with it in 04 or 05 taxes.
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timeasmymeasure
Silly taxes!
Date: 2004-02-25 06:39 am (UTC)Yep! The only reason it was so low (and our fed return lower) was due to the "cash-out" of 1/2 of my 401k. I had taken a loan out against it to buy our house in Framingham and was paying it back each pay period - until I was laid off from THP. Even though that all happened in 2002 it didn't apply to taxes until 2003 (I think they give 90 days or something to pay back the loan first before considering it a payout). We're hoping with Brian's new job that he'll be able to roll over his nCipher 401k to the new company and that the new 401k plan will allow him to keep paying back that loan - if not, we may bet burnt with it in 04 or 05 taxes.
Hey, $12 is better than oweing! :)