I got stung!

Frank Browne

Frank Browne

Final Approach
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Had my taxes prepared saturday and learned, much to my chagrin, that my divorce bumped me up into a higher tax bracket. I still have the same household to run, except with about 35% less household income! But with no dependants other than myself, Uncle Robin Hood sez I should pay more tax. I am PO'd!!! Divorce sucks! :mad:
 
Happened to me years ago Frank. Same thing! Life just isn't fair sometimes. In most states, the parties can agree as to which parent can claim the kidos as dependents. 'Course, that assumes rational folks are making the decisions <g>.

My Ex had here own issues. Divorce just sucks---period.

Keep the big picture in mind. Keep supporting those kidos--financially and otherwise. Then they'll be close to you and dependents for life!!!


Best,

Dave
 
You ain't getting no sympathy from me.

I've been single and paying full retail with no home to deduct until now.

Welcome to the party.
 
Dave Siciliano said:
Keep the big picture in mind. Keep supporting those kidos--financially and otherwise. Then they'll be close to you and dependents for life!!!
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Thanks Dave. Fortunately, our youngest turns 18 next weekend so at least there was no child support issues. We agreed that my ex would claim him as dependant this year, but I have to admit, I sure didn't anticipate going into a higher bracket. That little surprise really hoit! :eek: At least I have a couple of months before I have to write the check.
 
I feel your pain. Last year over 1/3 of my income came from exercised stock options. My payment of taxes at the end of the year was huge due to having only withheld 28% at the time of the exercise instead of the 33% which is the bracket I am in. I did not catch it until December and then it was too late.

I elected this year to not exercise any option just so I could have a somewhat normal year and not have another huge payment.
 
smigaldi said:
I feel your pain. Last year over 1/3 of my income came from exercised stock options. My payment of taxes at the end of the year was huge due to having only withheld 28% at the time of the exercise instead of the 33% which is the bracket I am in. I did not catch it until December and then it was too late.

I elected this year to not exercise any option just so I could have a somewhat normal year and not have another huge payment.
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I didn't get a choice because my options were expiring.

I talked to a financial adviser (actually a stock broker) and the best advice I could get was to wait until 2007.

And of course the stock went up $3 a share after I exercised.

But I got enough for a house down payment. :D
 
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I got divorced about 10 yrs ago. We just traded the deduction for
my daughter every other year. Of course I have noticed that in
the last 10 yrs I've accumlated more than I did in the previous
time since I and only I determine how the money gets spent (or
invested). And I can buy whatever toys I want.

;-)
 
Dean said:
Not if you had an ex-wife like mine, divorce is GREAT:goofy:
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My thought exactly. Traded the wife in long ago, kept the kid, the house, and eventually bought an airplane. :yes: I may have been put in a higher tax bracket, but I was still able to increase my flying budget.
 
HLT said:
My thought exactly. Traded the wife in long ago, kept the kid, the house, and eventually bought an airplane. :yes: I may have been put in a higher tax bracket, but I was still able to increase my flying budget.
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I got the Mustang, which I couldn't afford when I was paying rent for our house. The plane and flight training never even entered my mind at the time.

I wouldn't have any of my toys, including the house, if I had stayed married. It hurt financially for a while but I recovered nicely.

I dunno how guys who had a string of divorces like Mickey Rooney ever survived. I read in his bio that between the IRS and the ex-wives he filed bankruptcy.
 
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