Quote:
Originally Posted by noppenbd
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.
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Wow you guys are so good. Thank you so much for all your help...its exactly what I needed to see it all in black & white with the figures. thanks again you guys rock
