Tax Refunds Jan 28th

[gracie1]

Mortgage interest - bush tax cuts were set to expire dec 31, 2010, but did not- if your mortgage is over $500,000 if tax cuts were not extended you would not have been able to itemize the mortgage interest

$7500 credit refers to the first time homebuyers credit. The first year it was offered in 2008 it was a 15 year no interest loan that has to be paid back $500 each year- you had to buy a home during a specific time period and you could not have owned a home for 3 years. In 2009 credit was raised to $8000 and does not have to be repaid.

Thank you. I remember reading about the $500k mortgage but was unsure as to what applied to who. My mortgage is nowhere near that. So I am basically not affected by anything, because when I bought my home 5 years ago, there was no first time home buyers credit going on. Yay! I was getting worried. So even though I itemize and these new rules don't apply to me, I guess I still have to wait till mid February to file?

 

[herdtoDisney]

The education thing-is that the one that is for college expenses? I don't itemize, but I wanted to claim what we paid for my DS's college. So, I need to wait to file? Do I need to wait to buy TurboTax, also?

 

[HHSTigerFan]

If it is a simple return then you will get it back now. If you are using the long form and itemizing dont file until end of Feb.

Feb 14

 

[DisneyMomma81]

Yay for you OP I just need to click the submit button on Turbo Tax and we'll be good to go! I might use a bit of my refund this year for a DLR visit ~ we plan to visit WDW for the 2nd time fall 2012 - I'll use quite a bit of my refund next year for that visit.

 

[bnhasak]

Enjoy OP!!

Regarding the itemize wait time, others have suggested filing and then filing an amended return later. Is that ill advised or not? We really need the refund fast this year. Still no W-2's from anybody though, so it may be a moot point. :-(

 

[marshallandcartersmo]

The education thing-is that the one that is for college expenses? I don't itemize, but I wanted to claim what we paid for my DS's college. So, I need to wait to file? Do I need to wait to buy TurboTax, also?

we are in the same boat w/DH's college expenses

 

[pintamino]

we are in the same boat w/DH's college expenses

I believe you only need to wait if you're taking the tuition dedication. I took a credit (I believe it was lifetime learning) through turbo tax and my return was accepted by the irs this morning!

 

[herdtoDisney]

I believe you only need to wait if you're taking the tuition dedication. I took a credit (I believe it was lifetime learning) through turbo tax and my return was accepted by the irs this morning!

Oh, thank you! I believe I will be using the credit, also. I guess if I can dig out my car from under the snow, I will go buy TurboTax later

 

[summerrluvv]

Oh, thank you! I believe I will be using the credit, also. I guess if I can dig out my car from under the snow, I will go buy TurboTax later

You can do TT online without having to buy software (in case you didn't know)

 

[scrapbookmommy]

Ours is supposed to go in next Friday the 4th. I missed getting it tomorrow by one day. No biggie though. We are paying for our Disney trip with part of it but that's not until May. We do plan to buy a new tv right away though. Ours went out right before Christmas so we are using about a 25 year old pretty small tv. So hoping it goes in next week and maybe we can catch a good buy on a big screen since it will be Super Bowl weekend.

 

[tinker&belle]

The education thing-is that the one that is for college expenses? I don't itemize, but I wanted to claim what we paid for my DS's college. So, I need to wait to file? Do I need to wait to buy TurboTax, also?

Turbo Tax gets automatic updates (as long as you enable them) so you can go ahead and buy the program and just allow it to update.

 

[pintamino]

You can do TT online without having to buy software (in case you didn't know)

Does TT basic/free let you take education credits? I used the $19.95 one, but it was all online as well.

Today at 11 am was the deadline to get the direct deposit on february 4 (next friday). Deadline for february 11 deposit is february 3 at 11.

 

[brergnat]

I thought I was doing all good by submitting our taxes early (we have an easy return) and then two days ago, my DH received a corrected W2 from his job (military), because he used combat leave at the end of December, which is tax free. UGH!!! Now I have to file an amended return, and the gov't will owe us MORE money, but I can't do that until mid February.

Luckily, the BIG refund already hit our checking account. No Disney trip for us, though. We have to move this year.

 

[HHSTigerFan]

I too need to file an amended return, totally slipped my mind that I did Census work and already submitted by return.. Whats the process there?? Since I will owe maybe $800, do I need to have that postmarked by April 17 or whatever?? Can I do it thru Taxact? Is there any penalty?

 

[Schachteles]

I have a TurboTax question...does anyone know how you enter in dance expenses into TT? I was told it is a tax write off, but I don't know how.

Thanks!

 

[holliedd]

Even if you are going to itemize and use all of the new tax laws you can still fill out all the information in Turbo Tax and submit it and they will efile when the IRS is ready to accept it. Just did it yesterday. So techically I am done with taxes just the IRS won't accept them till Feb 14.

 

[MommyBryn]

Ours is supposed to go in next Friday the 4th. I missed getting it tomorrow by one day.

I always do that too!! This year I missed it by a matter of hours.

 

[summerrluvv]

I have a TurboTax question...does anyone know how you enter in dance expenses into TT? I was told it is a tax write off, but I don't know how.

Thanks!

Dance as in dance class that your child takes?

 

[HeatherFeather]

I miss the days of EZ filing! Still waiting on 1099s and a plethora of other stuff.

 

[My2BabiesLexis&Dill]

My little refund is suppose to be in the bank Feb. 4th. We went from getting thousands to only a few hundred...I did have a trip planned but we will not be able to go. So I guess I'm going to use the refund to get us out of baby step 1.