I thought I had all my W2s and 1099s or whatever. I filled out my taxes online at TaxCut, and I haven't mailed them in yet. Should I re-do my taxes to include the $52 in student loan interest that I received after I prepared my taxes? I already paid the $24.95 to file my Massachusetts State Taxes. Is this going to mess up my refund?
2007-02-17 13:57:09 · 3 answers · asked by Tessa ♥ 4 in Business & Finance ➔ Taxes ➔ United States
You missed a $52 deduction off your income. You may have received a slightly higher refund or owed slightly less tax if you had included this deduction.
You are not required to take every available deduction, so no amendment is necessary. Your refunds will not be messed up with the way you have done your taxes.
2007-02-17 21:38:19 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
It alld epends. if you are single and make ovber $65k per year, you cannot deduct your student loan interest anyway.
otherwise, just look at the costs invovled. To refile will cost you X dollars. The deduction will be $52 times your marginal tax rate. Which is higher. If it is the filing costs, do not bother.
2007-02-17 14:04:42 · answer #2 · answered by Peaches 4 · 1⤊ 0⤋
They will probably correct it themselves as they also would have received a duplicate copy.
Worst case scenario you can send it next year.
People can file an amended return but sometimes that's more confusing for both you and the tax office.
$52 is a relatively small amount so there is no worry of them claiming fraud, it's an oversight.
2007-02-17 14:07:26 · answer #3 · answered by Johnny 5 · 0⤊ 2⤋