How much will I get back on my Income taxes if I am single and made 47000 and paid 12500 in all taxes...?

Question

How much will I get back on my Income taxes if I am single and made 47000 and paid 12500 in all taxes.

I also bought a house, I do not know if that makes a diffrence. The interest for the payments for the house is about $2500 for all of my payments, and I paid around $3500 in closing costs.

Answer 1

Part of your closing cost might be prepaid taxes and interest or points so you may have enough to itemize. If you put 15,500 in your 401K and 4K into a IRA you may get back about 8K. If you had a lot of interest income or rental income you could end up owing. Go to IRS.GOV and try to find the 1040 instructions where the tax ables are and try to compute your taxable income.

Answer 2

Assuming that the $12500 includes social security and medicare, there is no way to give you an answer that will be even close to accurate. Social Security and Medicare taxes do not effect the return as they are not refundable taxes.

Buying a house is a great idea but don't assume that it will be a huge tax windfall, especially in the first year. Most closing costs are not deductible by the way.

Answer 3

With the information you've given it would be impossible for anyone to give you a decent estimate off the top of their head. I suggest you:

Go to http://turbotax.intuit.com/tax-tools/

Click on the "Tax Estimator" calculator.
Fill it out to the best of your abilities (it takes in to account your income, any deductions you might have, any taxes you've paid, your age, marital status and other variables)

I filled it out for both my husband and myself and it took about 10 minutes. Oh and it is free until you decide to file :)

Answer 4

Closing costs are added to your basis, so they don't affect taxes.

The interest isn't high enough to cause you to itemize this year, so it doesn't affect the bill.

$47000 - $5350 - $3400 = $38250 is about $6000 in federal income tax so if you paid in more, you should get a refund.