I am married filing joint. Annual income for me is around $15,500 before taxes. Wife is about $3000 before taxes. Around $12,000 in itemized things e.g. Interest on mortagage/ property taxes, charitable funds. No dependants.
If I itemize instead of standard deductions how much should I expect back in returns or which whould bring me most return back?
2007-12-26 08:06:15 · 3 answers · asked by Charlie M 1 in Business & Finance ➔ Taxes ➔ United States
You should get almost all of it, if not all of your federal withholding returned
2007-12-26 08:09:48 · answer #1 · answered by jwishz 7 · 1⤊ 0⤋
You should get back whatever was withheld from your paychecks for federal income tax. Since you don't say how much if anything that is, there's no way to estimate what you'll get. Your refund is giving you back any overpayment. You shouldn't owe any federal income tax, so if anything was withheld, it's overpayment. Look at your last pay stub, it probably has a year to date figure for federal income tax.
2007-12-26 08:11:56 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
The best place to go is the IRS's website. Go to http://www.irs.gov/individuals/index.html, click on the second option on the right "IRS withholding calculator". It will allow you to enter all the necessary information to calculate your refund or payment, including all of your itemized deductions.
2007-12-26 08:11:49 · answer #3 · answered by number1000 2 · 2⤊ 0⤋