Quote:
Originally Posted by Thrif-t
I'm getting these numbers from my turbo tax cover sheet except gross income I got that from line 7 which is wages salary & tips 60245...or there is line 22 total income which is 74349 same as AGI...I don't know???? Can you tell me a certain line number to quote? Oh maybe it had something to do w/the taxes I had taken out of the IRA before I got the distribution? I didn't want to end up owing? I don't know why it's off??
Deductions from return say:
Income taxes 3635
Real Estate 1942
Mortgage interest 4448
Charity 1670
Yes and I did change our withholdings...what I plan to do w/that is make sure I withhold enough to cover what it says my total tax was last year 2683, is that the right logic?
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Thrift-T, I think your taxable income is right, should be line 43 on your 1040. But if AGI is 74349, and you have 11695 in deductions, plus 5 exemptions (3 kids) at $3400 a pop, that gives you $17000 in exemptions. That would make your taxable income $45654. So Jim's advice about the mortgage interest barely helping you is accurate. It is really giving you hardly any tax break at all.
Even if you pay no mortgage interest this year your tax bill is not going to change much, so if you set up your W4 to withhold the same total for this year as you paid last year you should be fine.