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Senior Member
- Join Date
- Feb 2002
- Location
- Wonderland
- Posts
- 169
Want to be sure I'm getting hosed on taxes to the fullest extent
I went thru TurboTax last week, hoping for a refund, expecting to break even. Imagine my joy when I ended up owing $355 (federal only). Turns out I can't file as Head of Household, because I don't live with a "qualifying person". Now, I swear when I filled out my W4, HOH was defined as contributing over half the cost of a home. Otherwise I never would have claimed it.
I also want to make sure this program isn't retarded. All year I heard about how great it was to buy/own a house when tax time came. Well, the program asked for my itemized deductions, including mortgage interest, but then said the standard deduction was more (only paid 1100 in interest this year, 3 months). It didn't ask me about the house anywhere else. So buying/owning a house didn't factor in at all?!?!?! That's frickin great!
This wouldn't piss me off so bad except every paycheck I look at the numbers and say "Geez that's a lot of frickin money to taxes. But I'll get some of that back at least". OH NO! I think home ownership will have it's benefits. OH NO! I can't wait to do my state taxes so I can find out I owe THEM money too! WHOOPITY-DO!!!
Taxation without representation, I love it. I wish I could move to Canada/England/Amsterdam. No, I don't particularly know the tax or political situations in these countries, I just know they have some really cool things about them that I don't see here!
Err, but I love this country... yeah.
IRS
Government
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Senior Member
- Join Date
- Jan 2003
- Location
- Midwest, U.S.A.
- Posts
- 1,229
Sucks huh. I get to shell out $1200.
"If we're all God's children....what's so special about Jesus?" - Jimmy Carr
"The only difference between a dead skunk lying in the road and a dead lawyer lying in the road is that there are skid marks around the skunk."
Patrick Murray.
Don't mistake kindness for weakness.
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taxes in america are something to be studied and mastered. it is filled with "loopholes" if you will. and if you learn it well there is no reason you should ever "owe" taxes. buy a book or do some research. and turbotax is only good in my opinion for filing shorthand. like me for instance i am single and i rent, with one source of income. managed to get back everything i paid in. if you have deductions such as a house, get in with a cpa firm, and let them show you some tricks, dont rely on h r block either, they suck.
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Ash "Money" Hegde
- Join Date
- Oct 2002
- Location
- Miami, FL
- Posts
- 4,791
HOH is supporting over half the cost of a qualifying person you live with. Mortgage interest is only deductible if your overall deductions are more than the standard deduction.
"We fight our battles, we wage our wars, we settle the score, with honor and blood" - Atreyu
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Bodybuilding Mythbuster
- Join Date
- Oct 2001
- Location
- Yeongsan. South Korea
- Posts
- 5,904
Re: Want to be sure I'm getting hosed on taxes to the fullest extent
Originally posted by Madd Hatter
Taxation without representation, I love it. I wish I could move to Canada/England/Amsterdam. No, I don't particularly know the tax or political situations in these countries, I just know they have some really cool things about them that I don't see here!
Err, but I love this country... yeah.
IRS
Government
Taxes in Canada are way higher than they are in America. Stay where you are...unless you want to pay 40% of your income every year.
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