Tax Withholding Advice
April 17th, 2011
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Question: Morgage interests and tax return?
Hi, I just bought a house on March 2005, and I filled my 2005 tax return through TaxCut software. I have almost $6000 on the form 1098 for mortgage interests, through the software, I only got $1500 refund, does this make any sense. I am married and filled the return separately, since my wife is on tax exempt status for 2005. My wage on W-2 is around 40000, and my federal tax withhold is around $4700. Thank you in advanced for any advice.
Answer: i have nothing against computer tax returns but i have always found that going to a professional (human) is much better idea. especially since you jsut bought your house, which you are allowed to claim your interest of your home for the next ten years, plus your clsoing costs can also be deductible to an extend. also you did included your wife name even though you file separately her information needs to be included on the filing. do you have any kids? yes you pay more for taxes if you married.
i think you got too little back, but there are other things that you need to consider. i would give you more details but i need to know more information. if anything even if you dont pick my answer write me through my nickname at yahoo.com and i will give you some very good tips which are all legal. because even though if you pay the i.r.s. too much , they are not going to turn around and say, “hey you pay us too much, let us give you some money back”.
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