Tuesday, February 21, 2012

Φ Joins the 47%

I did my taxes this week.

As my loyal readers know, I spent the first five months of 2011 in Southwest Asia, for which trouble I was reasonably well compensated.  But did you know that, subject to certain limits which never applied in my case, money earned in a war zone is free of federal income tax?

It gets better than that.  Between my tax-free earnings and 2 1/2 months unemployment, my adjusted gross income only barely covered my itemized deductions and exemptions.  Which left me with a taxable income of:  less than $2k.  Needless to say, I'm getting every dime of the income taxes I did pay refunded.

It gets better yet.  It turns out that, with two children and a taxable income of $2k, TaxAct.com qualified us for the poverty programs.  That’s right:  you, my good tax-paying readers, actually subsidized my refund by an additional $3k under the Earned Income Tax Credit, over and above the refund of the income taxes I actually paid!

Thank you, 53%!



Anonymous said...

Your gratitude warms my heart.

I also got money from the government. Of course it was my own money that they had been keeping safe throughout the year, but it is all good.

Elusive Wapiti said...

I would say you're welcome, but...

Anonymous said...

And you thought that PHD wasn't going to pay off.