Archive for September, 2010
Income Tax Mortgage Interest Deduction Calculator
September 1st, 2010
Question: How much extra will this add to the return?
I just went to one of the tax calculators to get an estimate of our refund. Can someone help me figure out what more we can expect for these two items. IRA of 600.00 and installing energy efficient windows price of windows cost (not installed) was 1600. We do not have enough in deductions to itemize. Only around 7000 with mortgage interest, taxes and donations.if that makes any difference.
Figures are 76716. income federal 8073. Married filing joint
Yes the windows were installed back in November I just didnt add the installation charge since I did not think that counted. Installation was another 600.
Making work pay 800. what is that?
Answer: Did you install the windows yet? If they aren’t installed, you can’t take the credit yet.
If you did install the windows and they qualify for the credit, then the cost without installation is used for the credit.
As for taxes…
$76716 – 11400 – 7300 -600 = 57416 taxable income, 7779 tax. $480 windows, $800 making work pay, $8073 withholding, may $1574 in refund.
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