How do I calculate my tax refund?

How do I calculate our tax refund?

  • I'm new at doing taxes. I've always used TaxSlayer (online). Last year in January 2011, my husband and I bought our first house ($158,000) which we've paid $5999 in taxes for (from form 1098). Our monthly payment was $1157. I don't know what is relevant for taxes and what isn't. I read online about some forms which I can't find anywhere (not sure if we got them?) They're 1099-INT, 1099-OID and 1099-DIV. Do I need these forms?? In any case, this year my husband made $45800, fed witheld was only $2120. He's filing as head of household and claiming myself and our 2 children (ages 2 and 1 on dec. 31st). I didn't work 2011. He's 23 and I'm 22. So my questions are, what forms do I need, besides record of purchase for the house, his W-2's, and form 1098? About how much should we expect back? Also, I have a form that says Real Property Tax Information Enclosed, which says Taxes as Assessed is $1524. Someone help me solve this riddle, I am so confused!!! Please no rude or useless comments, just helpful answers. Thanks!

  • Answer:

    1099-INT is for interest you received on bank accounts, bonds, etc. 1099-DIV is for dividends you received from stocks and mutual funds. 1099-OID is for bonds you bought at a discount from face value. If you don't have any of those items, you don't get the forms. You need the the W-2s and the 1098 (there should be taxes paid and interest paid on the 1098). You will file a 1040 and a 1040 Schedule A. The taxes and interest you paid (shown on the 1098) go on the Schedule A, along with the total state and local income tax (or sales tax from the IRS sales tax tables for your location). TaxSlayer should have asked for all this and will put things in the right place. If Taxes as Assessed are $1524, I don't see how you would have paid $5999 in taxes for 2011, unless the 1524 is only a partial payment. In any case, the 1098 is the only form you need for real estate taxes paid. Your husband can't file as head of household. You file a joint return, or he files married filing separately. MFS would be silly, because he will owe more taxes (or get a smaller refund) that way. After you file using TaxSlayer, print out your forms and you should be able to see where all the numbers go. You don't say how much of your monthly payment was tax and/or insurance escrow, so it is hard to guess the size of your refund.

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You can try going to Turbo tax website and use their tax calculator to get an estimate of your federal refund.

dawn

I could help you with this question but I would need more information : 1/ On form 1098, box 1 with mortgage interest received from payer, how much is this? 2/ Also on box 3, how much is real estate tax ? If these two numbers above are added together, not more than $11,600 for MFJ, then you would not need to worry about itemizing. Just a reminder, you are married, your filing status is only MFJ or MFS, you are not legally for claiming HOH. I am still waiting for your additional details.

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