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Started By
Message
re: first time homebuyers tax credit
Posted on 2/11/14 at 7:40 am to Hu_Flung_Pu
Posted on 2/11/14 at 7:40 am to Hu_Flung_Pu
quote:
That didn't move my federal amount any! The only thing that helped was the student loan interest. I filed married jointly and had to owe 200 dollars. Tried married separately, I don't owe anything but get back 700 dollars. WTF?
If you file Married Filing Separately, either both individuals have to itemize or both take the standard deduction. You can't have one spouse itemize and have one spouse take the standard deduction. Assuming that your wife has a job and earns money, filing Married Filing Jointly will put both of you a higher tax bracket (more than likely).
The only way your mortgage interest didn't change your federal tax liability is if you didn't pay enough interest to surpass the standard deduction. Student loan interest is an above the line deduction, therefore, you do not need to itemize to take it. You can take the standard deduction and still deduct student loan interest.
1
Posted on 2/11/14 at 10:04 am to PurpleAndGold86
If you bought your house several months into the year it may just be that you didn't pay enough interest to claim the deduction this year. Next year, when you have paid a full years' of interest on the mortgage, it might kick in.
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