so nice...cash back on the taxes

[blueindian]

just filed and i'm getting a little over 1400 back. soooo nice!

[welfareloser]

thanks for that reminder!!! we'll be getting a healthy chunk back too, and DAYUMN could we use it right now... haven't gotten the W2 yet, tho... you're really on the ball yo have that done already!

[blueindian]

yah..i've got the tax cut software...which i highly reccomnend. takes about 30 minutes to file (you you don't have too much complicated stuff) and costs $35 to file both state and federal electronically. my w2s came friday, and i filed this morning.

hopefully my fiance's are in the mailbox now...i didn't check yesterday.

it's cool 'cause we're buyinga house soon.

[TERRIBLETOM]

I'm still waiting for my w-2's and my bank interest statements, you would have thought that I would have them by now. I usually fill out an Itemized deduction along with some other useless forms so it's a little more work for me.

[sizemic1]

Gah..looks like i'll be financing your returns this year :cry2:

[dbax791]

Ahh...the benefits of home ownership mortgage deductions. Actually looking forward to doing my taxes this year...just waiting on my w-2.

Big Money! Big Money! No Whammies! Big Money! :D

[Hoser]

I'll have to pay on both state and federal taxes. I'm not sure how much yet because I don't have all my W-2s.

I already got a W-2 from my military retirement, and I'm wating from three more W-2s. I had one full time and two part time jobs last year. I'm still working part time because I want to pay off my bills as quick as possible. My car will be paid off next week, so that'll help me with the other bills.

I'm thinking about getting a house this year because I'll probably be around this area for a while (and I'm tired of paying rent). What kind of home ownership mortgage deductions do you get? Does it offset the amount of property taxes you pay during the year?

This will be a new experience for me since I've never owned a house. I was in the military and moved enough to make it impossible to own a home. This is the longest I've lived at one address in my entire life.

[sizemic1]

Hoser,

goto turbotax.com ..and there's a Tax Estimator tool..just fill in the blanks with psuedo information to get an idea.

For me...a house with 24,000 worth of interest payments would yield me a tax refund of about 6k.

Add in some kids and get some more :)

[dbax791]

Originally posted by Hoser

I'm thinking about getting a house this year because I'll probably be around this area for a while (and I'm tired of paying rent). What kind of home ownership mortgage deductions do you get? Does it offset the amount of property taxes you pay during the year?


Well there are 500 page books on this, but to make it somewhat simple ALL mortgage interest is tax-deductable (principle is not) and property taxes are deductable as well.

Take a look at this link (http://www.bankrate.com/yclc/calc/mortgage-calculator/mortgage-calculator.asp?unroundedPayment=12909.964456062398&loanAmount=150000.00&nrOfYears=30&nrOfMonths=360&interestRate=6.00&startMonth=0&startDay=12&startYear=2003&monthlyPayment=+++++%3D%3D%3D%3E&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2003&paidOffDate=Jan+12%2C+2004&showAmort=Show%2FRecalculate+Amortization+Table). It shows a $150,000 mortgage at 6% interest. Basically your payment is $899/month of which around $750 is interest and $150 is principle. Your tax deduction would be around $750 X 12 or $8000 on next years taxes.

The $150 principle represents your ownership in the house. As the loan progresses over time or "amortizes", the percent of your $899 payment towards principle increases, and the interest decreases.

Your mortgage lender also collects property taxes which are deductible. So (I have no idea what part of the country you live in) say they are $1200 a year. Your lender would add the $100/mo to your payment so you actually pay $999/mo. But at the end of the year you would deduct the $8000 interest + $1200 taxes for a $9200.

So here's the best part. That $1000/mo payment turns into a $700/mo payment after taxes (assuming your marginal tax rate is about 30%) :D

Did I confuse you enuf?

[cruelpupet]

A standard deduction should yeild me about 3k back


I file single 0 and they take more then they are supposed to....on top of that...they overtax me mor when i work overitme...which is about every other week.



:does 3,000 dance:

[marchk]

Originally posted by blueindian
yah..i've got the tax cut software...which i highly reccomnend. takes about 30 minutes to file (you you don't have too much complicated stuff) and costs $35 to file both state and federal electronically. my w2s came friday, and i filed this morning.

hopefully my fiance's are in the mailbox now...i didn't check yesterday.

it's cool 'cause we're buyinga house soon.

Did you pay $35 for the software including federal and state filing or additional for the software and then $35 for filing? I'm trying to figure out what the best tax software deal is. I've got to file separately for myself and my fiance. And we'll have to file state for NC(her) and VA(myself).

[Apex]

I hope I get taxed some again this year. I hate sending uncle sam an interest free loan.

[blueindian]

Originally posted by marchk


Did you pay $35 for the software including federal and state filing or additional for the software and then $35 for filing? I'm trying to figure out what the best tax software deal is. I've got to file separately for myself and my fiance. And we'll have to file state for NC(her) and VA(myself).

outside of the cost of the software, it was $15 to file federal and $10 to file state.

[chadlnc]

I bought Taxcut deluxe for $20 after rebate and it includes a rebate for free federal filing and a rebate to make the state version free. It also includes a rebate for up to $35 for Microsoft Money 2003. Buy it from Office Depot, Staples, or OfficeMax and use a coupon.

[sbp]

Originally posted by Apex
I hope I get taxed some again this year. I hate sending uncle sam an interest free loan. Same here especially when getting a "refund" means overpaying.

[TERRIBLETOM]

Even though I don't have any dependants I still claim one and get a small return...

[whitak24]

i haven't gotten my w-2s yet.....and even when i do, i'm going to have an accountant do my taxes.

with starting a "home business" this year, i don't want to screw anything up with my taxes, especially becase i'll be filing to take the bar in a couple years :eek:

i should get several thousand back though.....at least, i hope i do...

[attgig]

Originally posted by welfareloser
thanks for that reminder!!! we'll be getting a healthy chunk back too, and DAYUMN could we use it right now... haven't gotten the W2 yet, tho... you're really on the ball yo have that done already!

:stupid:

waiting on my dubbya 2


and I ordered the taxcut from staples using the "deal" but they canceled my order of money which screws up my rebate!??!?! :angry:

gotta figure out if I still get all my stuff for free.

[chadlnc]

I think your money rebate is still fine, just buy it somewhere else and send in a copy of that receipt too. I didn't read anything on the rebate form that said it had to all be on the same receipt.