Monday, February 17, 2014

Mid month update

Operation Roth IRA:
I just transferred $1,000.00 to operation Roth IRA. We got our tax return today, and considering our tax return says we max out a Roth IRA for SCB for 2013, we better do it. We got a $400 tax credit for maxing out TWO Roth IRA's, and credits are awesome because they knock down your taxes dollar for dollar. 

To make sure the money didn't disappear, the nano second the funds hit my account I transferred the $1k to our savings account. We now have $2,275.05 in the savings account to use to open his Roth IRA.

As you know, we have until Tuesday, April 15 to hit the deadline. If we stick to our plan, we will only be short $174.95 by the deadline now! We are aiming to drop $1,000 from SCB's paychecks and $275 from my paychecks for both Feb and March... and $500 from April since we will only have one of SCB's paychecks in April before the deadline.
  • February - $1,275.00
  • March - $1,275.00
  • April - $500.00
Right now the plan is to borrow $174.95 from our EF for a week or so since SCB would get a second paycheck the next week after the deadline so we could put it back.... but we don't want to because we are already shorting my Roth IRA in the time being and want that second April check to help dent catching my Roth IRA back up since it will be short $825 for 2014... 

Last night the whole "profit sharing" thing came up. SCB's job/company does profit sharing and they get a check in March.... but we have no idea what that will be amount wise since he wasn't with the company a full year and they technically don't have to include him since he wasn't there the whole year (but his boss told him they would pro-rate it?). 

Car Registration
Normally we'd also use our tax return to register my car for 2014 and take care of a couple of other annual bills, but with operation Roth IRA, we only got a little over $1k back from the return. Thankfully  we have some money in savings that can help cover this years payment (with a few of the extra dollars that came in with the tax return). Starting next month we will amend our budget and start putting $25 a month aside like we do with our car insurance bills so we have the money to cover these expenses next year without having to rely on our tax return.

Doctors Visit  
SCB went to his new doctor for the first time with his new insurance. We are paying slightly more a month then we did last year, but it looks like there maybe a couple perks. He can still get his anti-depressants at Walmart for $10 for a 3 month supply... but it looks like his generic Singular asthma meds are free through the mail in pharmacy! 

We have no idea what the doctors visit costs us. They send us a bill and then SCB will have to call to figure out how to submit a claim so we see how much we really pay/owe. 

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