The IRS Deductions Blog

Archive for the ‘Itemized Deductions’ Category

Items on Amazon Right Now for 2009 Itemized Deduction Calculator:

Items on Amazon Right Now for Itemized Deductions Calculator:

Items on Amazon Right Now for Federal Itemized Deduction Phase Out:

Items on Amazon Right Now for Itemized Deduction Limitation 2008:

Senate Session 2011-07-06 (17:25:35-18:33:31)

Question: what is the combined state and Fed tax rate for 2008 for married couple illinois?

If a married couple in illinois, filing as itemized for 2008, who owed the state approx 8 dollars, and got back from the fed approx 1400 dollars, and had an income gross at 45000, with an income adjusted gross the same amunt, with zero deductions, total taxable income of approx 34000, total tax of approx 900, total payments of approx 1010, and refunds of zero, what would their combined state and Federal tax rate be?

I am doing a mortgage calculator [how much i can afford] and I do not know what this amount is. I do have the 2008 return completed but cannot tell from it what the combined Fed and state rate is. Thanks.

Answer: Take the total tax lines from your state and federal returns. Add them together and divide by your gross income to get the combined net tax rate.

Mortgages are based upon your gross income so you don’t need your tax rate for figuring if you qualify for one.

BTW, if you are married filing jointly using the standard deduction with a gross income of $45k, your taxable income would be $27,100, not $34,000.

Items on Amazon Right Now for Itemized Deduction Calculator:

SCOTT BURNS: Helping joint-return couples decide on retirement contributions

My wife and I are both teachers (13 years). I have a Roth ($8,500) with American Funds, which I stopped contributing to years ago. My wife also stopped years ago. We want to start contributing again. What percentage of our income should we put into these funds? Which one should we contribute to, or should we fund both?

Estimate My Tax Return Online for 2010, 2011