Blow That Dough! - 2020

[Music Lover]

I added a 10' x 12' section of deck to the existing deck, then put up a gazebo and added a fire table. Not really "blow that dough" category as I did all the work myself, got the gazebo at an outlet mall, and got the fire table at cost from my sister-in-law who works in the industry.

All in it cost about $3,000 and 3 days of my time:

 

[sengsational]

All that for three grand? That's an astute investment, not blowing thru

 

[Music Lover]

All that for three grand? That's an astute investment, not blowing thru

Yeah...I probably should have posted that in "What did you do today" instead of "Blow That Dough"

 

[Ronstar]

Bought an ebike that cost more than my first new car.

 

[rrppve]

Just wrote a check for $142,571 for 2019 Federal Taxes. Does that count as blowing dough? (I had safe harbor, so no penalties or interest)

Not really blowing that dough, just painful.
The question is what are you blowing the post tax dollars on?

 

[corn18]

Not really blowing that dough, just painful.
The question is what are you blowing the post tax dollars on?

Savings and paid off our house. We did spend $67k on a very nice vacation in Africa.

 

[Sunset]

2020 estimated for me will be $0 as I don't have to take my RMD!

You may want to do a Roth conversion since you don't need to take an RMD.

 

[Sunset]

Just wrote a check for $142,571 for 2019 Federal Taxes. Does that count as blowing dough? (I had safe harbor, so no penalties or interest)

Well you just made me feel like our giant payment is not so large anymore.

I'm trying to figure out the safe harbor, and unless this payment is just the tip of an iceberg. I can only guess that in the previous year you were nearly tax free, did tiny estimated payments to 110% of 2018 taxes.
Waiting until the end to pay the full bill.

Maybe there are other safe harbor reasons I'm not knowing

 

[audreyh1]

Just wrote a check for $142,571 for 2019 Federal Taxes. Does that count as blowing dough? (I had safe harbor, so no penalties or interest)

Congrats!

 

[f35phixer]

Just wrote a check for $142,571 for 2019 Federal Taxes. Does that count as blowing dough? (I had safe harbor, so no penalties or interest)

Sorry i don't understand, remember i'm just a lowly electronics tech this post not so much about blow the dough but my mind!!!

Was this the start of your Roth conversions? i am still trying to put this all together that it REALLY is worth paying the LOTS of taxes now, so that Roth can continue to grow and not have to worry about taxes after that on withdrawals...

once i retire at end of year, we will still be in 24% bracket, and with DW pension, we wont have much wiggle room to $171000 and certainly don't want to go to 32%

 

[ckelly78z]

I was finally able to sell my 2004 Mustang gt convertible, and bought a 2013 white Mustang with all the options V6 Pony package....averaging 27 mpg, and still runs in the 13s through the 1/4 mile.

A one owner, local car that was really taken care of that I bought for $8500, he took a 2/3 depreciation loss in 7 years.

 

[MrsHaloFIRE]

Just wrote a check for $142,571 for 2019 Federal Taxes. Does that count as blowing dough? (I had safe harbor, so no penalties or interest)

Would be an honor and privilege to write that kind of tax check.

 

[aja8888]

You may want to do a Roth conversion since you don't need to take an RMD.

That's in the plan for this year, right at the end.

 

[corn18]

Would be an honor and privilege to write that kind of tax check.

It was neither an honor nor a privilege. It was required by law and I simply complied.

 

[Moemg]

Sorry that was supposed to be in a different thread

 

[Sunset]

Well you just made me feel like our giant payment is not so large anymore.

I'm trying to figure out the safe harbor, and unless this payment is just the tip of an iceberg. I can only guess that in the previous year you were nearly tax free, did tiny estimated payments to 110% of 2018 taxes.
Waiting until the end to pay the full bill.

Maybe there are other safe harbor reasons I'm not knowing

Never mind.
Due to another thread, I know the reason, or at least can guess.

It was basically the same for me, on a much much smaller scale.

 

[kcowan]

Bought some Uline shelves for our new bodega, 12 feet tall so ordered 7 feet shelves by 10 feet and 30 " deep. Also a smaller unit on wheels to get stuff from the car.

 

[ShokWaveRider]

Just bought (Leased) a new 2020 VW Tiguan SEL 4 Motion. My shortlist contenders were: The Tiguan, BMW x3 and Audi Q3. The Tiguan won and I am certainly NOT disappointed.

 

[Vincenzo Corleone]

I'm retired but my wife still works - not sure if I'm "qualified" to post in this thread.

Since our travel plans have taken a hit due to Covid, we thought we'd spoil ourselves some other way. For starters:

- Bought a new MacBook Pro Retina 15" for my wife - a nice upgrade to the one it replaced

- Bought a couple of nicely marbled Wagyu ribeye steaks (American, non-Kobe - We'll eventually take a trip to Japan and experience the Kobe A5 steaks at some point in the future)

- Bought an Oculus Quest VR headset

 

[ElizabethT]

Since it would not appear we will be traveling anytime soon, we decided to go ahead and remodel our three and a half baths instead, the last bit of our home that needs updating from our move in 2017. It's a 1980's home that still had the original builders grade elements in place after 30+ years. The footprints are all good, fortunately, and the fixtures have all been upgraded by us already, as has the plumbing, so that will help with keeping a lid on costs. Excited about installing marble countertops among other things.

 

[USA]

I went to the Herb and Spice store to p/u five items. Something happened on the way home and I have six new dining chairs. I’m pleased with the purchase. They were needed.

 

[davebarnes]

Excited about installing marble countertops among other things.

Azerocare marble is the only marble to consider.

 

[2017ish]

Five weeks in Alaska was amazing. No crowds, although we felt sorry for the tourist related businesses.... Did our part by spending more than we normally would via float plane flights and private boat excursions, as our big trips for the year aren't going to happen in 2020--and maybe not even in 2021.

(Unfortunately, even with mandatory testing to enter state, the virus is doing what viruses do and they are starting to have enough cases to worry them. don't know how much longer tourism is going to be an option this summer.)

 

[KarlH]

We just blew $7400 on replacement windows. Not a bad price (10 windows total) and a decent transferable warranty. These are for the back of the house, as we just finished paying off the ones we replaced on the front of the house. We have the cash on hand, but actually took 24 months at 0% because we can.

 

[music-and-ski]

$3.5K on vet bills for the old dog.

$3.5K on new suspension for the old SUV.

$2K on ski season passes for next year (although this is mandatory spending, not discretionary, and saves us lots of money over the year compared to buying daily lift tickets.)