mortgage company made an error on my interest. there is an additional 7000.00 dollars in interest paid. app how much does this relate to in return from irs. total net income is app 55000.00 dollars
2007-02-18 08:54:10 · 2 answers · asked by joel l 1 in Business & Finance ➔ Taxes ➔ United States
Contact the mortgage company and have them either explain the amount on the 1098 or send you a corrected one. If you file based on the incorrect amount and they correct the error later you'll have to file an amended return and pay the additional tax due.
At your income level, you may be in the 25% tax bracket if single. The tax impact of that would therefore be $1,750. If you had to amend your return after the filing date, you'd possibly be hit with penalties and interest on top of the additional $1,750 in taxes.
2007-02-18 11:01:59 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
For a close approximation multiply the amount by 15 percent.
7000 X .15 = 1050
$1050 dollars is the difference.
2007-02-18 09:05:14 · answer #2 · answered by Carmen M 1 · 0⤊ 1⤋