Tax Refund question?

Question

Can anyone give me an estimate of refund I can expect this year?
Taxable income: 58,000
Filing: Single, claiming 0
Mortgage Interest: 15,000
I live in CA...
Thanks!

Answer 1

You don't give anywhere near enough info to answer your question.

I'm going to take a wild swag that your total itemized deductions are around $25,000. This would include not only your mortgage interest, but also state and local taxes, and real estate taxes, among other items. That number might be way off, in which case the rest of my answer is off also.

If my guess is anywhere close, your total federal income tax liability would be somewhere around $4000. Whether or not you get any refund purely depends on how much you have withheld for federal income tax. If you have more withheld than your total liability, you get the extra back as a refund. If you don't have enough withheld, you have to pay the balance.

Your question as stated is kind of like "If I buy a pizza, how much change will I get?"

Answer 2

Based on your question, you do not understand the terms well enough to post sufficient information to properly answer your question.

Taxable income is the amount AFTER all deductions are subtracted. The $58,000 you show appears to be GROSS income. There is no such thing as "claiming 0" on the tax return. I ASSUME you claimed 0 on your W-4. If you had mortgage interest, you most likely paid property taxes as well. They are also deductible as itemized deductions. State and local withholding can also be claimed as itemized deductions. Even with sufficient information to determine your Federal tax liability, without knowing your Federal withholding, your refund can't be determined.

To expand on Judy's analogy, you asked "If I buy $50 worth of pizza, but I have a coupon, how mush change will I get?"

Answer 3

With the sparse amount of info you provided the only thing I can tell related thereto is your Federal Income Tax will be $ 6,464.00. You will have to exptropolate your YTD numbers to see what the total amount of FIT withheld will amount to; that will tell you your refund or tax due. Don't forget that in addition to mortgage interest you can deduct property taxes, vehicle licensing, charitable contributions, out of pocket medical paid, medical miles, and a number of other things. I urge you to get a 1040 instruction booklet and read the section pertaining to itemized deductions.