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How much can I expect to receive back in student loan and home mortage interest?
Posted on 12/8/14 at 11:49 am
Posted on 12/8/14 at 11:49 am
I am trying to calculate my budgeting as the year approaches its end. Do I get a percentage of this back - how is this calculated?
2
Posted on 12/8/14 at 11:58 am to House_of Cards
How much do you make?
What other itemized deductions or above the line deductions do you have?
What other itemized deductions or above the line deductions do you have?
Posted on 12/8/14 at 12:09 pm to yellowfin
Before taxes I make around $60,000.
For itemized deductions, I have a lot on my part-time coaching job which I get a 1099 for. I itemize my mileage and food expenses for away commpetitions and my mileage from job one to job two, which is about 40 miles daily.
For itemized deductions, I have a lot on my part-time coaching job which I get a 1099 for. I itemize my mileage and food expenses for away commpetitions and my mileage from job one to job two, which is about 40 miles daily.
This post was edited on 12/8/14 at 12:10 pm
Posted on 12/8/14 at 12:18 pm to House_of Cards
2500 is max, if you are single and make more than 60k it will be reduced by a percentage based on your income.
Student loans are so criminal...corporations have all kind of loopholes to lessen tax burdens but new grads are stuck with crippling debt with no relief available
Student loans are so criminal...corporations have all kind of loopholes to lessen tax burdens but new grads are stuck with crippling debt with no relief available
Posted on 12/8/14 at 12:21 pm to DaBeerz
Is the $2,500 for the mortgage or student loans? My house is a starter house and my interest won't even be $2,500...do I get to deduct everything in that case?
Student loans are not killing me since I just started paying back. Do I get to knock all the interest off?
Student loans are not killing me since I just started paying back. Do I get to knock all the interest off?
Posted on 12/8/14 at 12:29 pm to House_of Cards
2500 max for student loan interest. So if you make around 60k and single.... You should get most of the interest you paid up to 2500
This post was edited on 12/8/14 at 12:31 pm
Posted on 12/8/14 at 12:30 pm to DaBeerz
Ah...I won't approach that number. Is there a limit on mortgage or a link I can find?
Posted on 12/8/14 at 12:32 pm to House_of Cards
You may be able to deduct up to $2,500 from your income in student loans depending on your AGI. If you are able to do this, take the amount of interest paid (limited to 2,500) and multiply that times your marginal tax rate and that will give you the amount of money you save in taxes due to student loan interest.
Mortgage interest is trickier, first, you have to be able to itemize deductions, and if you do, then you need to look at your total itemized deductions compared to the standard deduction.
There is no easy way to do this, you need to pull a Schedule A and fill it out, and then compare it to the standard deduction. If you are like most young people in starter homes, with low interest rate, there will be very little benefit, if any, for you.
Let's say your total itemized deductions for 2014 is $7,000 and you are single, your standard deductions is $6,200. So, your income is reduced by $800, take that number times your marginal tax rate and that is your savings.
Mortgage interest is trickier, first, you have to be able to itemize deductions, and if you do, then you need to look at your total itemized deductions compared to the standard deduction.
There is no easy way to do this, you need to pull a Schedule A and fill it out, and then compare it to the standard deduction. If you are like most young people in starter homes, with low interest rate, there will be very little benefit, if any, for you.
Let's say your total itemized deductions for 2014 is $7,000 and you are single, your standard deductions is $6,200. So, your income is reduced by $800, take that number times your marginal tax rate and that is your savings.
This post was edited on 12/8/14 at 12:35 pm
Posted on 12/8/14 at 12:33 pm to House_of Cards
Google mortgage interest tax deduction. I'm not sure since I'm still a renter
Posted on 12/8/14 at 8:10 pm to DaBeerz
quote:
2500 max for student loan interest. So if you make around 60k and single.... You should get most of the interest you paid up to 2500
That is not true. Read LSUFanHouston's post.
The $2500 is deduction against income and is not a tax refund. You get your tax rate times $2500 if you qualify.
Posted on 12/9/14 at 5:42 am to DaBeerz
quote:
Student loans are so criminal..
I agree completely. Those moronic students should have thought about how they were going to pay back the loans before they took them out....asking taxpayers like me to pay for their college party years is no different than stealing....put 'em in debtors prison for all I care
Posted on 12/9/14 at 6:22 am to House_of Cards
That's business expenses
Itemized deductions are mortgage interest, property tax, charitable contributions, etc
Itemized deductions are mortgage interest, property tax, charitable contributions, etc
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