If your state and local sales taxes (plus the sales tax on the car) are greater than state and local income taxes AND you itemize, sure. The special deduction for sales tax on the purchase of a new car was a 2009 only thing.
I'm assuming that taxes paid on a new car can still be deducted?
So is PMI deductible on a loan that was refinanced in 2011? It has some restrictions about who can provide the PMI:
Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006).
But I'm assuming that all PMI providers fall in that?
THanks for the help!
I still haven't received my tax forms from my mortgage lender. They must provide those by 1/31, right? What can I do if they don't?
I'm assuming that taxes paid on a new car can still be deducted?
Man rough estimate I'm paying again. I don't understand this. Claiming 0, filing single, and still paying!
I fail...
A borrower is treated as paying any points that a home seller pays for the borrower's mortgage
Filed on Saturday because I thought we had everything, get another 1098 last night from the company our mortgage originated with
1098 showed $1200 worth of points, showed a higher number for PMI paid, and another $100 of mortgage interest paid. Then it said at the bottom that this is only deductible if we actually paid them and it wasn't reimbursed by another party.
EDIT: Had some questions here but found answers, but that generated more questions......
From IRS pub 530:
A borrower is treated as paying any points that a home seller pays for the borrower's mortgage
So it looks like I get to deduct the points even though the seller paid them in closing costs? Looks to be the same for prepaid interest?
That section also goes on about how you can either deduct the points up front or over the life of the loan. Are there any criteria as to which I have to do or can I just decide now that I'm doing it all up front? The criteria/qualifications shown in Figure A of that page make no sense to me.
So I submitted my efiles on the 29th. I didn't think about student loan interest, as last year I was still claimed as a dependent and I thought it was itemized.
I use the standard deduction, but do use a few adjustments to gross income. I think I claimed roughly 3000 due to military travel.
Can I edit my tax claim and add the additional ~1000 from student interest to increase the AGI deduction?
Is it too late? Am I even understanding it right?
- using what form?3000 due to military travel.
EK, do I need to send a 1099-misc to a business that's a corp, sub-s, for work I paid them for at my business ($6K alarm/fire system)?
Payments You Have to Report
Specifically, a Form 1099-MISC must be issued when you make: payments for a total of $600 or more for services rendered by contractors, subcontractors, attorneys, accountants, directors, and others; rental payments for a total of $600 or more, other than rents paid to real estate brokers; payments of $600 or more for prizes and compensation that are not for services rendered, such as prizes for winning a contest on television or radio; payments of $600 or more for medical or health care services, income for crop insurance, and cash payments for purchases of fish; payments of at least $10 in royalties or payments to brokers in lieu of dividends or interest exempt from taxes; payments to certain members of a crew made by fishing boat operators; gross proceeds paid to attorneys; and sales of $5,000 or more of consumer goods to a buyer who is going to resell the goods in any place that does not constitute a permanent retail sales establishment.
Payments You Do Not Have to Report
Certain payments, even when they may be taxable to the recipient, do not have to be reported on a Form 1099-MISC. These payments include: payments for merchandise, communication services such as telephone, freight, storage, and similar items; rent payments made to real estate brokers; salaries paid to employees (reported on W-2 forms); allowance paid to employees for travel expenses (included on W-2 forms); payments for life insurance coverage (included on W-2 or Form 1099-R); payments to a tax-exempt organization or to a government; certain transactions with payment cards if a payment card organization has assigned the merchant or recipient of the payment a Merchant Category Code.
Generally, you do not have to report payments to corporations on Form 1099-MISC, but there are some exceptions, including: payments for medical or health care services, cash purchases of fish, attorneys' fees, gross proceeds paid to attorneys, substitute payments in lieu of dividends or tax-exempt interest, and payments made by a federal executive agency for services.
Mail in a 1040X with the Student information.
How are you claiming the
- using what form?
Uh... the TurboTax form.
let me dig up the finished product/efile pdf - I did the same thing last year, no problems.
It was form 2106-EZ, listing travel expenses (line 3) and meals/entertainment (line 5) - which, as a Reservist, is supposed to cover my 190 mile drive (one way) to drill every month.
I COULD be wrong on claiming the Meals/Entertainment, but it seems in combination with travel, you get Per Diem/M&IE (Meals and Incidental Expenses) - I wouldn't get Per Diem since I get lodging paid for, but that's all the "reimbursement" I get for drill weekends.
Total (Line 6) from 2106-EZ, was then put on the 1040, Line 24 and Line 36 (latter = total) as part of AGI, since that's how travel expenses work for reservists.
Do I have to resort to "MAIL", as in, paper, when apparently both Fed and State already show they have received my e-files and are processing them?
If they get my update from student loan interest, would it end up being a second refund/check sent to me? Will they hold onto my current stuff until they reference the new info?
Well - I see Turbotax says amended returns cannot be efiled - that still leaves the question, what happens after I actually drop the form in the mail?
1) Because of Reserve status, you can claim the 2106 without using the Schedule A. That was my main concern.
2) The reserve site must be more than 100 miles from your home. (Per your statement - covered)
3) Per Diem is intended to cover lodging and M&IE.
recommend that you look at the GSA rates and account for what they state compared to what you received.
MAIL (as in paper, envelope and stamp) is what is needed for filing an amended return (1040X).
Best to send it signature required. It will go to the bottom of the 2012 pile and be looked at sometime in June/July after regular paper filings have been completed.
This return will show what the original filing was and what the proper filing should be.
They will either cut you a new check or if you owe $$; send you a bill.
Cool - I should expect a small little summer bonus check or two.
And yep, I used the M&IE rate for the area I traveled into (location of drill), and I see Turbotax automatically did the 50% thing.
The rules for how that actually works, and if I even get M&IE for reserve travel, is so confusing and tedious I figured it was worth a shot this year. My travel this year alone was worth more, since I only covered half of the 2011 tax year due to the fact that I didn't drill half the year due to active duty school. I got to see my piss-poor income and calculated refund nearly double in Turbotax after I got done with the AGI stuff.
edit:
I did figure out the Interest part though, yes?
According to this form I got in the mail today, 1098-E : line 1 - Student loan interest received by lender = just over $1000
If I did everything correctly the first time, on the 1040, that would go in the Adjusted Gross Income section, line 33 (Student loan interest deduction), and would bring the previous $3000 AGI total to the roughly $4000 I figured earlier?
Just to confirm: this isn't impacted by the fact that I graduated from school in 2010, is it? As in, I don't go to school anymore? I couldn't tell, but now that I recall, something I had seen at the time seemed to suggest this only applies if you pay student loan interest while currently going to school - which sort of seems odd.
Student Loan interest will lower your overall AGI.If I did everything correctly the first time, on the 1040, that would go in the Adjusted Gross Income section, line 33 (Student loan interest deduction), and would bring the previous $3000 AGI total to the roughly $4000 I figured earlier?
Any idea why I'm not getting a 1099-G from my state? I found how to grab it online and the last one my state says I qualified to get was a few years back. This despite having received a state refund each year since, and I do not take standard deductions for federal, thus I presume turbo tax uses my state to deduct my tax burden.
I never got a 1099-G from state in the past but thought it was pretty clear cut that I had to claim the state refund, so I've always done it, but if my state says I don't have to I'm wondering why, and it would save me a few bucks on federal taxes...