 Tax Credits and overpayment? |
We get Working and Child tax credit.
We have been told there was an overpayment last year on our tax credits because our income was underestimated (caused by dp changing jobs a few times ... |
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 Tax returns!? |
| am an international student working on campus. my income last year was 4000 dollars that went to my fee which is like 6000 dollars! federal tax was 22 dollars and state around 10 dollars. how much am ... |
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 Can I claim all of these people on my taxes and if so what will happen? |
| My fiance and I live together with our 3 children-one his, one mine and one ours. His brother also lives with us. I am the sole supporter of the family, except my fiance worked about a month, cut ... |
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 I filed a claim with the IRS in March bec my ex claimed one of my children on her income tax unlawfully.? |
| I know that the "question" above wasnt really a question, but, I was just wondering if anyone knew when I would hear back from the IRS or what would happen? I had custody of them for more ... |
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 Back taxes owed to a state I haven't lived in for years? |
| A state I used to live in finally noticed I haven't been paying taxes for the last ten years. Now they want back taxes, interest and penalties for the past seven years. They do not accept a ... |
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 What is best to do with my unpaid tax bill of forty thousand pounds? |
| i left the uk about three years ago leaving unpaid taxes, i would now like to return to work in the uk. Should i try and sort this out before returning or on returning to the uk and where would i ... |
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 How can I stop Midland Credit from garnishing my paycheck? |
they have already gotten over a thousnd dollars from me in garnishments I want to stop them from doing this because this an account that i believe is over seven years old
Additional Details<... |
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 Is this turbo tax online really free?? |
here is the link......it is the first one on the left...is it really free??
http://turbotax.intuit.c... |
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 Can my boyfriend claim my son on his taxes? |
| I have been filing 'head of household' for the past 3 yrs., now if i let him do this- for the sake of us getting more money from the IRS(he makes more than me) Does this mean I don't ... |
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 My ex boyfriend and the father of my three children claimed my kids on his tax return illegally, help!? |
| I live in South Dakota, and have three children. Their father and I never did get married, but he signed affidavits in the hospital. He has since moved out last May, and I filed for child support ... |
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 Has anyone received an update on taxes? |
| my refund was delayed on 1/25, then change to 2/19, then was suppose to be deposit 2/8, then received an code 1221 and now change to 1121. Does anyone else have this code 1121 and what does it mean? L... |
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 If you owe the IRS 20k will they investigate if you pay them in cash? |
| If you have not payed taxes in 5 years and owe 20k to the IRS and you walked with 20k in cash. Will they accept the payment with no questions ask or will they investigate where the money came from. I... |
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 I heard somewhere that child care expenses can be claimed when I file my taxes? |
What are the limits to this? How much can be claimed and deducted? Any further info and insights into this?
Additional Details
Just so you all know, yes I already do claim the child ... |
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iittghy? | We bought a house last spring. How does it affect out income tax return? |
I have heard from some sources that we will have to pay, but have heard from others that we will get a return. We both claim '0' and both had an extra $5 taken out of each check for federal. My husband also received unemployment for about a month.
Any guesses? I just want to know what I might expect, being that I have never owned a house before. |
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Night Owl
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Get turbo tax and have it walk you through the process. Costco had it a week or so ago for $32 with a $15 instant rebate, but you can get it anywhere.
Your home will benefit you a lot. If you paid points for your interest rate (discount points you pay up front to get a lower rate), then you can write them off. You can write off your mortgage interest. If you had mortgage insurance (not homeowners, but mortgage...it shows as PMI on your end of year statement from your lender), you can write that off. You can write off any property taxes you paid for the year. You can get deductions if you invested in a new effcient furnace...sometimes you can even write off new windows (depends...see a tax pro on this one).
So, it depends a lot on your interest rate, etc., but you can save a lot of money this way. Not sure if your $5 a check will work that much. If you are paid weekly, that would only be $520 extra in taxes...but if you are both claiming single and zero, you might be in for a big refund. All depends.... |
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witz1960
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Interest, Points, PMI, and real estate taxes paid are deductilbe expenses now. If they are greater than your standard deduction, then you will see a reduction in your taxable income and a larger refund than your already large refund.
By claiming 0 exemptions on your paycheck and 1,2, 3, etc on your taxes you are making an interest free loan to the Federal Government. That is silly enough but then to intentionally give them ANOTHER $5 biweekly is lunacy.
If you want a forced savings account, change your payroll deduction to 1, or the proper number, and have the additional money put into a CD, money market account, Christmas Club account, anything where YOU earn interest.
Hopefully your employers can set this up to be deposited automatically for you. Your paycheck should feel the same and your tax refund will no longer be gigantic, but you will have very nice Christmas club account. |
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taxreff
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Tax returns are primarily number driven. While situations play a factor, no one has a balance due or a refund simply because they are a homeowner, or retired, or a student, or whatever.
You can deduct points, mortgage interest, PMI, and real estate taxes on your home. Note that other closing costs are not deductible.
The only way to really tell what your results are is to crunch the numbers. |
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Doctor Deth
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usually the first year of home ownership, you might not get enough deductions from mortgage interest and real estate taxes to exceed the standard deduction - Unemployment benefits ARE taxable income. you don't give enough info to figure if you'll owe or get a refund |
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SisterSue
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You can claim your mortgage interest from the 1098 you get. Also since you bought the house in 2007, you can get your HUD 1 statement out and look for credits on that to claim - points paid, origination fees, etc.
If you are both claiming 0 and you bought a house, I would be shocked if you had to pay anything. YOu will most likely get something back. |
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otmshank72
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The interest you pay on the mortgage can be deducted. If you use Turbo Tax or something to that order it will take that into account. |
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Judy1
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It might or might not make any difference, but it won't cause you to pay MORE tax. If it has any effect, you'll save some tax.
You get a standard deduction of $10,700 on a joint return. If your mortgage interest and real estate taxes, plus any other itemized deductions you have like state and local taxes and charitable contributions add up to more than the $10,700, you would "itemize" which means you'd list your deductions instead of taking the standard one. |
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Dee
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A great deal. You can claim all the interest that you have paid on the loan. Contact H&R Block |
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NIC
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if you do your own taxes dont forget to write-off the interest payments your lender should send you a statement ltting you know exactly how much interest you paid it will also have any points you paid at closing. im no expert but unless you make a sh*t load of money it seems to me like your okay by using 0 and the extra $5. |
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