If my total income for 2006 was $8000, should I bring my tax/intrest info from my house mortgage company, or is that just for people with larger incomes? Someone told me it was only used as a deduction and it would not help my refund?
2007-01-10 13:34:36 · 2 answers · asked by peterpan123 3 in Business & Finance ➔ Taxes ➔ United States
You wouldn't gain any benefit from filing with itemized deductions, so it would just be extra work, or extra cost if you pay someone to do your taxes.
With income of $8000, you wouldn't be required to file unless some of the income was from self-employment, or you're a dependent of someone else. If you had anything withheld, you should file to get your refund. Also, if you're between 25 and 65, you might be eligible for the earned income credit.
2007-01-10 14:30:01 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
As a single taxpayer, your income does not exceed the filing threshold, therefore you would get all your federal w/h tax back anyway. In order to use mortgage interest, your total deductions must exceed your standard deduction allowed by the IRS.
2007-01-10 22:23:14 · answer #2 · answered by lotsof? 1 · 1⤊ 0⤋