What will my return be?

Question

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?

Answer 1

Use this free calculator.

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

Answer 2

If you didn't itemize, your tax for the year would be around $100. If you have $12K in itemized deductions and you itemize, that would wipe out your tax liability for the year, and you'll get back whatever was withheld for federal income tax. That amount will be on your W-2's, and might show on your last paystubs.

Answer 3

You will want to itemize. The standard deduction for married filing jointly is 10,700.... What is your age? How much with holding did you pay? Based on the info you gave me 12k itemized and 6800 in exemptions that right there makes you have ZERO tax liability. So anything you paid in is yours. Not much more I can offer with that info.

Anyway.. How did you manage to spend 12k in Itemizable things through out the year when you only made 18,500. Either your the cheapest man ever living off of 6,500 for the year or something is up.... I wont say nothing tho.... (you might of had a bad year who knows)

Answer 4

Yea use the hrblock.com calculator. That's what I used. It's REALLY accurate!

Answer 5

It will save you about $100. BTW, a "return" is what you file; a "refund" is the money you get back.

Total Income = $18,500
Stnd deduct = 10,700
2 exemptions = 6,800
Taxable income $1000
Tax $100

vs. Itemizing
Total Income = $18,500
Itemized = 12,000
2 exemptions = 6,800
Taxable income $0
Tax $0