2006-12-05 11:16:39 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Depending on an extrodinary amount of additional information which you did not provide (the only way anyone can know is to know ALL of the other informaton on your tax return), the range of tax savings is $0 to $3605.
2006-12-05 12:32:45 · answer #1 · answered by TaxMan 5 · 1⤊ 0⤋
I assume your question is how much extra would you get back due to these deductions compared to not having them. Since this totals about what the standard deduction is if you're married filing joint, these deductions alone wouldn't give you anything extra back. But if you pay state and/or local taxes, then add those up and multiply by your bracket last year to get a rough estimate of what itemizing will do for you.
There are enough other issues that would affect what you'd get back that this is a very rough estimate.
2006-12-05 21:52:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It depends on your income level. My best guess is that you are currently in the 25% tax bracket. That would mean a savings of $2575. All of your other possible itemized deductions need to be taken into account as well.
2006-12-05 19:21:19 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
How much have you had withheld? It would also be useful to know your filing status, number of dependents, gross income, and other deductions. Given the information you supplied, about all I can say is, these deductions reduce your taxable income. They cannot produce a refund greater than your total payments.
2006-12-05 19:21:15 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋