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| Okay here's the deal, I lived with my ex and his mother from the beginning of 2006 till the end of 2007. (2 years) In 2006 She claimed me as a dependent because I was still attending school and ... |
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| I have always used H& R but they have gotten out of control with the fees and pushing the green debit card. So I want to file on my own no itemizing single w two kids. Any tried and true services?... |
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 TAXES...What do you think of this? |
This is someone else's quote but I personally feel the same way...What are your thoughts?
"The Government is a service. I would prefer an Invoice, with an explanation of ... |
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 Rebate paper check question? |
What does it mean if the Irs website says my check will be issued on may 15? It gives my amount but I have never received a letter. So does that mean its getting mailed out or should be here?
A... |
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 When can my parents no longer claim me on their taxes? |
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 Can anyone help me with benefits that i will be entitled to? |
| i have just found out im pregnant with baby no 4. my husband and i rent our home and live in wales. i have worked since i have left school whilst my hubby has been a househusband as i earned the ... |
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| What if everyone raised their withholding and stopped paying taxes because of the economy? |
| I am feeling the pinch - just like the banks and automakers. If I stopped having fed tax withheld I would be better off. All I have to do is claim more exemptions. Then I could whine that I can... |
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joconn10 | What kind of tax return can I expect to get back now that I have a mortgage.? |
My wife and I just bought our first home and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly , and have a, before taxes, combined income of roughly $70k. We have 3 kids and will also recieve the full child care tax credit. The mortgage interest and property taxes for 2007 will total around $9k. What kind of number could I roughly expect to get back in my taxes for 2007? |
 |
 
Jay
 |
With an income of $70,000, you're most likely in the 25% bracket.
Which means that you can deduct 25% of what you paid in mortgage interest. Roughly speaking.
Or, to be more correct, your AGI is reduced by the $9000. Which means you'll pay taxes (at tthe 25% rate) on $9000 less in income.
You're looking at a bit over $2000, by my quick calculations. |
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Jo Blo
|
for 2006 your standard deduction was/is $12,300.
so you'd need another $3,300. in itemized deductions on Schedule A to just break even. (the state income tax you pay counts)
In some states that have income tax, you would benefit to use itemized deductions even if not used on federal return. |
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Shayne
 |
You forgot to include how much federal taxes withheld on both of your income. |
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dustkimk01
|
just go to turbotax.com
you can make up a name and fill in all the info even with fake ss # just to get through faster
and see what you get back
i did it and decided not to do the long form i got more back this yr by using the standard diduction |
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Judy1
|
You already get a standard deduction in 2006 of $10,300 on a joint return - it'll be a little higher next year. So add up your total itemized deductions, subtract 10,300 from the total since if you itemize, you won't get the standard deduction. Multiply the difference by your tax bracket, and that's how much you'll save.
You said your mortgage interest and real estate taxes are around $9000. Say you have an additional $5000 in itemized deductions from state and local income taxes, charitable contributions, and any other deductible items. You're probably in a 15% bracket. Your refund would be (14,000 - 10,300) * .15 or $555 extra because you itemized. |
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JessicaRabbit
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Your refund will depend on what your withholding is. Congress may raise taxes to pay for things such as ILLEGAL aliens and Universal health care. What state do you live in?
Sorry but you don't give enough info to answer. Anybody that give you a figure is probably wrong because they are just guessing. |
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bostonianinmo
 |
No way to say from the information given.
If your mortgage interest and property taxes are your only itemizeable deductions there isn't enough to bother itemizing so you'll get no tax benefit from home ownership this year. If your tax situation for 2007 is about the same as it was for 2006 you should be in a similar position next year. |
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CarVolunteer
|
Standard deduction for 2007 is $10,700, see 1040_ES. You need around $1700 more to make it worthwhile itemizing. State income tax or sales tax might make it.
Your exemptions are 5x$3400 = $17000.
Taxable income = 70000- 27700=42300.
Tax = 5563.
Tax credit (3 children) = $3000
net tax owed 2563.
What you get back depends on what you have withheld. |
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