Tax filing question

[torinsmom]

So, I want to file my taxes by Wednesday to get the earliest refund. I have all my paperwork that shows income, but don't have my 1098(mortgage interest paid) or my 1098E(Student loan interest paid) These numbers are not enough to push me into the itemized deductions category, as I am head of household. I've put in the numbers from last year just to get an idea. So, if you aren't taking itemized deductions, are you required to enter these items on your return, or is that only for your benefit? I want to do this correctly, but I'm tired of waiting. I mean, the numbers should all be in the system, I don't know why it takes so long for the forms to be available online.

 

[21yankees]

You don't have to itemize to clain student loan interest on your tax return. Anyway you can login to your account and see how much interest you've paid this past year? If so you can add it all up and file w/o the form online. If you're able to access this information it's in your best interest to wait for the form. The student loan interest comes off your total amount earned which will lower your taxable rate.

 

[torinsmom]

You don't have to itemize to clain student loan interest on your tax return. Anyway you can login to your account and see how much interest you've paid this past year? If so you can add it all up and file w/o the form online. If you're able to access this information it's in your best interest to wait for the form. The student loan interest comes off your total amount earned which will lower your taxable rate.

No, on the website, there is no way to see how much interest you've paid over the year. There used to be, but they changed the website to where you can't even see your statements online. I can;t find my December statement that was mailed to me, but the amount on my November statement is low, like $419. Adding that on my tax return online did not change my estimated refund.

 

[Cheshire Figment]

I know when I go into my BoA online account I can access my mortgage information. It does show prior year taxes paid and interest. And I cal also see detailed information for the past 24 months.

 

[torinsmom]

I know when I go into my BoA online account I can access my mortgage information. It does show prior year taxes paid and interest. And I cal also see detailed information for the past 24 months.

I can see my mortgage statements but not my end of year 1098 for this year. My mortgage statements are only available for the past 90 days so I can't add it all up. I have to look and see if I kept all my statements or not. For my student loans, I can't see anything for the year to date. They don't even have my individual statements on the site.

 

[21yankees]

No, on the website, there is no way to see how much interest you've paid over the year. There used to be, but they changed the website to where you can't even see your statements online. I can;t find my December statement that was mailed to me, but the amount on my November statement is low, like $419. Adding that on my tax return online did not change my estimated refund.

Did you put the interest on line 33? It should have lowered your total income thus lowering the taxable income which should affect your refund. All that said it really depends what your income is as not all people are able to see it as a tax break.

 

[torinsmom]

Did you put the interest on line 33? It should have lowered your total income thus lowering the taxable income which should affect your refund. All that said it really depends what your income is as not all people are able to see it as a tax break.

I am doing my taxes online, so don't know what line is where. It just asks you questions and you answer them. I do remember some blurb about being able to deduct interest if you make less than a certain amount. Adding mine in there didn't make a difference to my refund.

 

[DisneyLoverUSA]

Those 2 items, mortgage interest paid and student loan interest paid are totally for your tax benefit to lower your taxes. If you call the bank they will give you the amount over the phone and you can also call your student loan place to get the amount and you do not have to have the actual form to file your taxes. I take our taxes to an actual CPA every year and I never have the actual forms. I call and get the amounts and write them on a sticky note and hand it to her. But you can file without that information on your taxes. Those are strictly deductions that benefit you. They are not amounts you owe taxes on so the IRS won't care if you do or do not claim those amounts. If you are antsy for your refund and don't care about the money it will save you by claiming those deductions, go ahead and file.

 

[torinsmom]

Those 2 items, mortgage interest paid and student loan interest paid are totally for your tax benefit to lower your taxes. If you call the bank they will give you the amount over the phone and you can also call your student loan place to get the amount and you do not have to have the actual form to file your taxes. I take our taxes to an actual CPA every year and I never have the actual forms. I call and get the amounts and write them on a sticky note and hand it to her. But you can file without that information on your taxes. Those are strictly deductions that benefit you. They are not amounts you owe taxes on so the IRS won't care if you do or do not claim those amounts. If you are antsy for your refund and don't care about the money it will save you by claiming those deductions, go ahead and file.

So the bank can tell me even before the info shows up online? I'll call tomorrow and see what I can find out. Thanks!

 

[rileyreese]

I have a BoA mortgage too and I can get my end of the year stuff online too, I think it is under my account and under statements.

 

[torinsmom]

I have a BoA mortgage too and I can get my end of the year stuff online too, I think it is under my account and under statements.

Mine is through a credit union and it isn't there yet. My interest income one is there, but not the mortgage interest and points.

 

[LovinPooh]

Last year it was said that if you itemize your mortgage interest it pushed out your refund. Is that the same this year?