How does the tax deduction work for mortgage interest payments?
KL asked: Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?
Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?
Can your state income tax be a deduction on your federal taxes?
van_wyhe_halen asked: I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?
What screen in turbo tax do I enter my tax credit adjustment amount?
Renee S asked: Turbo Tax and the Certificate for Income Adjustment
I am itemizing and I have a Certificate for Income Tax Adjustment from Department of Defense for my overpayment of a debt to the federal govt. What screen in turbo tax do I enter my adjustment amount? It is over $3000. I want to take [...]
How does the tax deduction work for state and county transfer taxes?
Mike F asked: My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are [...]
How much estimated tax do I owe on the taxable part of my fellowships?
fancy_muskrat asked: So I am a grad student and i’ve received some fellowships for the coming academic year. They are as follows:
$7500
$10530
TOTAL: $18300 (all of it taxable because it will go toward living expenses)
So, according to my calculations for Federal Estimated Tax (form f1040es), my standard deduction is $10,700 (married filing jointly) and I [...]
