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Started By
Message
I always file through Turbo tax, but this year's filing was a little different
Posted on 4/5/18 at 10:55 pm
Posted on 4/5/18 at 10:55 pm
My wife and I file jointly with one dependent.
We finally bought a house last year, so I assumed we'd get back at least a little bit from the interest payments.
We started paying midyear...I think June 1st. Anyway, it was over $5k in interest payments including whatever was paid to the mortgage company upfront...beyond ESCROW.
Bottom line, I know 1st time home buyer advantages are a thing of the past, but I expected something...
Did I do something wrong?
We finally bought a house last year, so I assumed we'd get back at least a little bit from the interest payments.
We started paying midyear...I think June 1st. Anyway, it was over $5k in interest payments including whatever was paid to the mortgage company upfront...beyond ESCROW.
Bottom line, I know 1st time home buyer advantages are a thing of the past, but I expected something...
Did I do something wrong?
7
Posted on 4/5/18 at 11:03 pm to jptiger2009
You have to have over 12,700 (the standard deduction) in itemized deductions to get any benefit.
Did you put in property tax? Car tags? Contributions?
Did you put in property tax? Car tags? Contributions?
Posted on 4/5/18 at 11:03 pm to jptiger2009
All else equal?
Posted on 4/6/18 at 5:03 am to Weagle25
Right, I do not deduct beyond the standard deduction.
I claimed property taxes; they weren't anything over $800. Car tags in Louisiana ain't anything to deduct.
We do contribute to a few charities, but I never keep track.
I just wanted to be sure that I did everything correctly. I ask this mainly because (this year) I had to "dig" to claim my wife's little $250 teacher benefit.
Thank you both for your feedback.
I claimed property taxes; they weren't anything over $800. Car tags in Louisiana ain't anything to deduct.
We do contribute to a few charities, but I never keep track.
I just wanted to be sure that I did everything correctly. I ask this mainly because (this year) I had to "dig" to claim my wife's little $250 teacher benefit.
Thank you both for your feedback.
Posted on 4/6/18 at 7:36 am to jptiger2009
you should start keeping tracking of charity donations
Posted on 4/6/18 at 8:16 am to jptiger2009
You can also claim origination fess on the loan as well as any points you may have paid
Posted on 4/6/18 at 8:21 am to TexasTiger34
quote:With the new (2018) standard deduction for joint filers of $24,000, I doubt he will be able to itemize.
you should start keeping tracking of charity donations
Posted on 4/6/18 at 12:27 pm to LSURussian
quote:
I doubt he will be able to itemize
thank you, man.
Posted on 4/6/18 at 1:07 pm to jptiger2009
quote:You're welcome.
I doubt he will be able to itemize
thank you, man.
You realize the new $24,000 standard deduction means your taxes will be less than if you could itemize using the old tax law, right?
Posted on 4/6/18 at 1:19 pm to LSURussian
quote:
You realize the new $24,000 standard deduction means your taxes will be less than if you could itemize using the old tax law, right?
The longer I have spent on this board, the more I've found that absolute outcomes are vastly less important to the average person than feeling like they are "winning" comparative to others. That's why "losing" the mortgage interest deduction seems to be bothering so many people so much.
Posted on 4/6/18 at 1:35 pm to Joshjrn
quote:You just might be right about that.
That's why "losing" the mortgage interest deduction seems to be bothering so many people so much.
I've always thought the idea of a tax cut was to....well.....cut taxes.
And that's what's happening under the new tax law.
"But....but......but....my mortgage interest deduction won't help me anymore!"
Posted on 4/6/18 at 2:11 pm to TexasTiger34
Up to 500 without receipts
Posted on 4/6/18 at 5:27 pm to LSURussian
quote:
realize the new $24,000 standard deduction means your taxes will be less than if you could itemize using the old tax law, right?
Well, I guess I didn't. I was just letting the turbo tax "suggestion" to use the standard deduction make the decision for me.
This post was edited on 4/6/18 at 5:28 pm
Posted on 4/6/18 at 6:35 pm to jptiger2009
He's talking about when you'll file next year.
Posted on 4/6/18 at 9:59 pm to jptiger2009
Did you include state income tax for the itemized deductions?
Posted on 4/6/18 at 11:14 pm to LSURussian
quote:
You just might be right about that.
I've always thought the idea of a tax cut was to....well.....cut taxes.
And that's what's happening under the new tax law.
"But....but......but....my mortgage interest deduction won't help me anymore!"
It’s mind blowing the amount of people who look at only their refund and don’t give a shite about their actual tax liability. I’m not just talking about dumbasses either. People who make a shite ton of money and are way smarter than me.
“Why’d my refund go down?”
“Because we had you pay the right amount, you owe less.”
“But my refund...”
Posted on 4/6/18 at 11:15 pm to Ric Flair
quote:
Did you include state income tax for the itemized deductions?
If he’s using turbo tax I’m assuming it does that for him
Posted on 4/7/18 at 8:28 pm to Joshjrn
Losses loom larger than gains.
It’s a fascinating piece of psychology.
It’s a fascinating piece of psychology.
Posted on 4/7/18 at 11:45 pm to jptiger2009
If you do not feel that your question is answered then do this:
Print the Schedule A, Itemized Deductions form
Check the amount on Line 29 and see if it is the same as the amount on Line 40 of form 1040.
The higher of $12,700 (Married Filing Jointly) or the sum of your itemized deductions (Sch A total) should be on Line 40.
If TT used $12,700, review the Schedule A to be sure you included all your deductions.
The big ones for most people are:
Mortgage Interest
Real Estate Taxes
Personal Property Taxes
State Income Taxes or General Sales Taxes
The state taxes your employer withheld from your paycheck should be on your W2 and should be accounted for when that info was entered.
BUT, if you owed 2016 state taxes and paid them in 2017 you probably will have to enter that unless TT carried it forward for you.
Did you have medical bills or health insurance premiums? Unless you paid a lot you probably can not deduct those as they have to exceed 7.5% of your AGI.
Just look at the Schedule A closely to be sure you have included every expense that you can claim.
Print the Schedule A, Itemized Deductions form
Check the amount on Line 29 and see if it is the same as the amount on Line 40 of form 1040.
The higher of $12,700 (Married Filing Jointly) or the sum of your itemized deductions (Sch A total) should be on Line 40.
If TT used $12,700, review the Schedule A to be sure you included all your deductions.
The big ones for most people are:
Mortgage Interest
Real Estate Taxes
Personal Property Taxes
State Income Taxes or General Sales Taxes
The state taxes your employer withheld from your paycheck should be on your W2 and should be accounted for when that info was entered.
BUT, if you owed 2016 state taxes and paid them in 2017 you probably will have to enter that unless TT carried it forward for you.
Did you have medical bills or health insurance premiums? Unless you paid a lot you probably can not deduct those as they have to exceed 7.5% of your AGI.
Just look at the Schedule A closely to be sure you have included every expense that you can claim.
Posted on 4/9/18 at 1:24 pm to LSURussian
quote:
I've always thought the idea of a tax cut was to....well.....cut taxes.
But... But... But... the rich are getting more of a cut than I am!!! Wah!!!!
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