The IRS Deductions Blog

Posts Tagged ‘income tax mortgage interest deduction calculator’

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.

Items on Amazon Right Now for Income Tax Mortgage Interest Deduction Calculator:

Does prepaying mortgage trump refinance?

Dear Dr. Don, Doesn’t prepaying a mortgage accomplish the same result (i.e., reducing the term and the “effective” interest rate) as refinancing? The advantage to prepaying versus refinancing is there are no closing costs. Are there any advantages to refinancing?

Mortgage Watchdog Interest Calculator Saves You Bank Rip Off

Question: If I pay $10K in fed income tax and I pay $10K in mortgage intrest and prop tax, is all 10K deductable?

Is mortagae interest and property taxes a 1 for 1 ratio when dealing w/ U.S.A. federal income Tax Deductions? I’m looking at building a house and I will be paying about $11,000 in interest my first year and I expect property taxes to be about $4,000 per yr. My wife and I currently pay about $14,000 total in for Fed. Income taxes (we currently rent a home). Will I be able to get ALL of that $14,000 back as workable income after I deduct my interest and real estate taxes??…or is there a limit as to how much I can deduct?? Thanks.

Answer: You do not receive dollar for dollar back from the government from paying your mortgage interest. You get to adjust your gross income by subtracting the interest paid from your gross wages/tips/other income.

If you worked 1 job and had no other income and you made $50,000 then you can subtract the $11,000 from that making your Adjusted Gross Income (AGI) $39,000.

Items on Amazon Right Now for Income Tax Mortgage Interest Deduction:

Form 8396, mortgage interest credit (for holders of qualified mortgage credit certificates issued by state or local governmental units or agencies) (SuDoc T 22.51:8396/) …

Home mortgage interest deduction : for use in preparing … returns (SuDoc T 22.44/2:936/) …

Mortgage/tax-Saving Handbook $1.75 …

Turn your tax refund into a virtuous circle

Fantasizing about what to do with your tax refund? Paying off debt or investing it in a tax-sheltered savings plan is the best route to financial freedom

Buying a Home in 2010… Taxes Do Matter

Have you ever asked yourself whatA¢a‚¬a„¢s probably the biggest investment in my life? Your home or is it your home mortgage? Did you know these facts about your 30 year home mortgage? You end up paying back between 200% to 300% of the amount you originally borrowed to purchase your homeA¢a‚¬aEthat means if you borrow $200,000.00 to buy your home, youA¢a‚¬a„¢ll end up paying back between $400,000.00 and $600,000.00 at the end of your 30-year mortgage. If you’re presently in your 40s today, youA¢a‚¬a„¢ll be in your 70s when you pay off your 30-year mortgage. If you’re in your 30s today, you’ll be in your 60s before you pay off your 30-year mortgage. After paying your mortgage for ten years, youA¢a‚¬a„¢ll still owe nearly 80% of what you originally borrowed. Now, you maybe asking yourself? How much can a bi-weekly program help me? Typically a bi-weekly mortgage programs will eliminate up to five to seven or more years off of a 30-year mortgage. Imagine not having to make up to five years of payments! Imagine not having to make those 60 payments, 12 payments a year for five years equals 60 payments. Find out how much you can save. Visit biweeklymortgagetips.com to get a free bi-weekly mortgage calculator, receive a free bi-weekly mortgage guide to reclaiming your American dream where you own your home, not the bank, but you own your home free and clear and save up to five to seven years off of your mortgage. Get a free classified bi-weekly mortgage case scenario report and other free resources for free membership. Visit biweeklymortgagetips.com today.

Learn how to make a simple change to the way you make your monthly payment that can have an enormous impact on eliminating unnecessary interest. Completely eliminate up to seven or more years off of your mortgage. Eliminate PMI or Private Mortgage Insurance sooner. It eliminates sooner because you pay off your principal balance faster and learn how to become a mortgage savvy consumer and save up to 25% of the interest that you would normally pay on your 30-year mortgage otherwise. Get back in control of your mortgage and reclaim your American dream of true home ownership! Tilt the tables back in your favor, not your mortgage company, your favor for you and your family. Save unnecessary interest! Reclaim your American dream of true home ownership! Visit today for instant access to the biweeklymortgagetips.com members area. Reclaim your American dream of true home ownership!

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Many happy returns

In a few short weeks, whether you like it or not, your taxes are due.

Mortgage Watchdog Interest Calculator Saves You Bank Rip Off