The Official Taxes Thread Vol. 2010

for those using turbotax. You can save half or more by using taxactonline.com for only 17.95 for federal and state plus e-file. An awesome webiste. Trust me used it 5 years in a row now.
 
if you bought a house---can you get your closing costs back?
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getting back $1800. putting a good amount of it in the bank and using the rest for my sleeve
 
Originally Posted by DublBagn

^^^^you should have gotten back a 1098 form ( i think thats right) from your lender telling you how much interest you paid towards your student loans....that amount is deductible from your taxable income....
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Anyway to estimate how much of that I'd be getting back. I paid  $1,100 on interest last year.
 
Originally Posted by The Genesis

Finished up and E-Filed my Federal taxes using Turbo Tax 2010 Free edition yesterday afternoon
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Now im just waiting for the IRS to approve my return
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Question tho, how do i go about changing my allowances or whatever so that they take out less taxes on my pay this year and so that i can break even (or come close to doing so) on my taxes next year?
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just change the number of exemptions on your W-2 at your place of employment......but remember, the governemnt does not track on a weekly basis how much you make.  So if you make 1500 one week, they are going to tax that like you make that every week, when in fact you really only make 500 on a normal week..thats why its hard to "break exactly even" on your pay check...

if you bought a house---can you get your closing costs back?
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....not unless you rolled your closing costs into your mortgage.....you usually only get back the following (mortgage interest, property taxes or a portion of them at least, any points paid to bring down your interest rate, any overpayment interest deductions) and this year you also get the 8K credit....but that depends on purchase price and has to fall within certain dates....

HEY GBOY1230 - what do you do to get back 6k....I got back a lot but I would have had to make near 100k to get that back...
 
Originally Posted by 651akathePaul

Originally Posted by DublBagn

^^^^you should have gotten back a 1098 form ( i think thats right) from your lender telling you how much interest you paid towards your student loans....that amount is deductible from your taxable income....
Click to expand...
Anyway to estimate how much of that I'd be getting back. I paid  $1,100 on interest last year.
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the interest you paid (or deductinos you take for that matter) does not directly equal the amount of refund you get.  Depending on how much you make, you have a certain tax liability.  The only thing you deductions do is decrease the amount of taxable income you can be taxed on...

example...you make 50k one year, you get taxed on 50k at 10% which = 5k (hypothetical amount and percentage
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), you have 15k in deductions (school loan interest+mortgage interest+charitable donations) you  now DEDUCT 15k from your EARNED INCOME 50k = which leaves you with 35k of taxable income multiplied that by 10% now = 3.5k....so the difference between the 5k and the 3.5k is your refund....

all of these are just basic examples, the amount of deductions, donations, ways to earn income all factor into either taking an itemized deduction or the standard deduction....so basically to answer your question....NO i cannot estimate your refund without a few other key numbers.....
 
I only just started working so my earned income for the year is around 15k at the most. the total amount of federal income tax i paid was around $900. 
 
Originally Posted by 651akathePaul

I only just started working so my earned income for the year is around 15k at the most. the total amount of federal income tax i paid was around $900. 
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if I had to guess....with a rough estimate I would say you are getting the whole $900 back.....depending on your age and if someone else is claiming you as a dependent you might only get 450 back....plus maybe a few state dollars......the only thing you dont ever have an opportunity to get back (as I have said in one of past posts) is Medicare tax and Social security tax.....
 
Originally Posted by DublBagn

Originally Posted by 651akathePaul

I only just started working so my earned income for the year is around 15k at the most. the total amount of federal income tax i paid was around $900. 
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if I had to guess....with a rough estimate I would say you are getting the whole $900 back....plus maybe a few state dollars......the only thing you dont ever have an opportunity to get back (as I have said in one of past posts) is Medicare tax and Social security tax.....
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Yeah, that's what I was figuring. Thanks for the help.
 
Originally Posted by DublBagn

Originally Posted by 651akathePaul

I only just started working so my earned income for the year is around 15k at the most. the total amount of federal income tax i paid was around $900. 
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if I had to guess....with a rough estimate I would say you are getting the whole $900 back.....depending on your age and if someone else is claiming you as a dependent you might only get 450 back....plus maybe a few state dollars......the only thing you dont ever have an opportunity to get back (as I have said in one of past posts) is Medicare tax and Social security tax.....
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Make that a total of $1800 in federal income tax. No one will be claiming me as dependent so even if I get $1500 of that back I'm gonna be happy.
 
so i get to work and check my bank and i got my state check already
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but i always thought the fed comes first?? has this happen to anyone ...
 
thought i was gonna get the $8000 tax credit...............

then i thought it was $6500..........

now,they say i just getting $2000...

life sucks.

h&r block,are bastards.
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bought a house in 2004,lived there until i bought this new house on 6/30/2009,closed and everything.

i can't get the $6500 at least?
A. If you are a long-time resident and owner of the same main home and you buy a new home, the law may allow you to claim the homebuyer credit. You must buy your new home after Nov. 6, 2009, and before May 1, 2010. Alternatively, if you sign a binding contract on or before April 30, 2010, you must purchase or close on the new home on or before June 30, 2010. If you claim the credit as a long-time resident of the same main home, please provide documentation showing you lived in that home for a five-consecutive-year period during the eight years ending on the date you buy the new home. (1/26/10)
so,it's onlyfor half the year?
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Does anybody know if on TurboTax, the first option, "1040EZ and other simples forms", do you get the 1040 form so I can get my loan interest back and tuition and fees payment back? I know these options arent allowed on the 1040EZ but I just dont know what the "other simple forms" are and I dont want to over pay or anything.Thanks in advance for the heads up.
 
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