 I don't have a bank account can I still cash my tax return? |
| I just got it today but I don't have a bank account. Can I cash it on my own or do I have to have someone who has one cash it for me?... |
|
 Can I claim my son as a dependent if his mother already has? |
| My taxes aren't being accepted by the IRS, because my son was already claimed by his mother. I pay for all of the child care, etc. We were never married, and live in seperate houses. What are ... |
|
 Did you get your rebate check? |
| I make around $30,000 dollars a year and I'm single, if you got your rebate check how much did you get if you have the same filling status as I do.... |
|
 Tax Question: If I pay my own health insurance premiums, is it tax deductible? |
| I do not get the health insurance that is offered through my employer. I get my health insurance on my own and pay for it with my money that taxes have already been taken from. So I am paying with P... |
|
 I lent my brother £15k as house deposit- he has now paid me back £60k - do I have to declare this to taxman? |
| 8 years ago I lent my brother £15k to help him buy a house (house cost £60,000). We had a basic agreement drawn up between ourselves that until he was in a position to repay me, that I was ... |
|
 Direct Deposit Question? |
| I was told online that my refund check would be deposit to my account on 2/9/07. When I check this morning it was not in there so, I waited to 4PM and it still was not in. I called my bank to see if ... |
|
 Should we hire a tax attorney ? |
| The IRS placed a levy on my daughter's paychecks today. She hasn't filed a tax return in nearly 15 years. Should she hire a tax attorney , or deal directly with the IRS to resolve this ? F... |
|
 What do uk mean when they say 'annual salary'? |
| lets say one's annual salary is 30,000 pounds? does the employer pay all in advanced at the beginning of the year?? or what??... |
|
 Do I have to pay taxes? |
| I am 16. A friend and me mow yards during the summer, and make somwhere around $500 each. Do I need to pay taxes even though I'm only 16?... |
|
 Taxing the rich and poor? |
| Hi guys,right im writing this arguement 'why its right to tax the rich a higher percentage when they earn other a certain amount then the percentage you get taxed under a certain amount. I think ... |
|
|  |
Kenneth P | I paid $7000 of interest the last year on my mortgage, how much will I get back on my tax returns? |
|
 |
 
Bruce L
|
It's just deducted from your taxable income with any other deductions you may have, so to determine how much of it actually would be refunded back to you or more accurately, how much difference it made in the amount of tax that you owe, you could add 7k to your taxable income and revisit the tax tables to find the difference in what you paid and what you would have had to pay. This would only be accurate if you had enough other deductions to keep from using the standard deductions. So you can see it's not really that simple due to the near endless possible scenarios. |
|
Larry E
|
It all depends on how much you made, how much you paid in taxes, your other deductions and dependents. |
|
newhouse
|
$1
dumb question = dumb answer |
|
misslabeled
 |
Not enough information. The interest on your mortgage is an amount that reduces your taxable income. Without knowing your income and all of your other deductions, no one can give you an answer. |
|
pokerjoev
|
You can use it as a deduction. If you can qualify to get a refund. |
|
Judy1
|
Not nearly enough info to say. But if you are filing a joint return, it might or might not be enough to allow you to itemize - if it isn't you save nothing in taxes.
If you are single, you'll itemize. The tax savings depends on what other itemized deductions you have, and on your tax bracket, but it's probably at least several hundred dollars in tax savings or maybe even $1000 or more. |
|
bud68
 |
That depends on many factors - income, filing status, total deductions, etc. |
|
taxlady
 |
not enough information.
You will be able to itemize your tax return and 'write off' any mortgage interest and property taxes you paid.
When you itemize whats happening is that your saying that this much of your income is not taxable and here's why.
You get to itemize a lot of things. If you paid medical bills a portion of that may be able to be itemized, if you gave money to your church or other charitable organizations you may be able to itemize that too, you can write off a portion of your dmv, the amount you paid to have your taxes prepared last year, and other things you paid through out the year as well. Since you have purchased a house and your taxes have gotten a bit more difficult, you should probably see a professional to insure you get all your credits and pay the least amount of tax possible. |
|
rtfm
|
We have no way of knowing.
If you itemize deductions (which you should do only if the total of all your deductions adds up to more than the standard deduction), then you'll get to deduct that total from your income when you're calculating your total tax due.
After subtracting all your deductions, then you'll figure out how much tax you owe, subtract any credits you might be entitled to, and then subtract that amount from however much you had withheld over the course of the year by your employer. If they withheld more than the tax you owe, you'll get a refund. If they withheld less than the tax you owe, then you'll have to pay.
Simply knowing how much mortgage interest you paid isn't enough information for even the best mind reader among us to predict your refund. |
|
FirefighterD
|
That piece of info is just a small piece to the whole tax puzzle. while certain states allow you to claim interest paid towards a mortgage there are a few (and RARE) situations that can make you ineligible for this. I am no tax professional, but I was a manager over the escrow division at a national mortgage company for a few years and can tell you to either go through turbo tax or a tax place such as H&R or something like that. Good luck. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 32 minutes(s) ago
| | | |
10 | 57 minutes(s) ago
| | | |
10 | 1 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 4 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
