Turbo Tax Issues

[Pandora]

I've already found one. If you have college tuition and claim it on line 35 on the 1040, which is where you claim a straight deduction, and then go to the Maryland's tax form, Maryland will add it in as Additions to Income, code O.

A code O comes up as an error, if you override it, you cannot e-file, you cannot correct it, because according to instructions code O is the proper code. So guess what the next step is? Print, sign, fold and in an envelope it goes.

 

[Moonchild]

Rather than do that, and lock in a 2-4 week wait, Id wait til Monday, see if they fix the glitch. Failing that, Id use the states free E-file, its on the Comptrollers front page. Just fill in the info.

 

[alex]

In their online version you can not enter 401k deductions listed on your w-2. When I emailed them they told me to call them but they shut down their lines because they were sooooooo busy.

I think I will try Taxcut this year.

 

[Chasey_Lane]

Not that this information is useful now, but starting 01/01/07, PMI is now 100% deductible for combined incomes <$120K. Something to think about when you do your taxes next year and also something to consider if you plan on financing a mortgage.


Oops.

 

[itsbob]

I've already found one. If you have college tuition and claim it on line 35 on the 1040, which is where you claim a straight deduction, and then go to the Maryland's tax form, Maryland will add it in as Additions to Income, code O.

A code O comes up as an error, if you override it, you cannot e-file, you cannot correct it, because according to instructions code O is the proper code. So guess what the next step is? Print, sign, fold and in an envelope it goes.

I had the same issue, printed the state tax and mailed it..

 

[jazz lady]

Not that this information is useful now, but starting 01/01/07, PMI is now 100% deductible for combined incomes <$120K. Something to think about when you do your taxes next year and also something to consider if you plan on financing a mortgage.

I did not know that. Thanks! I thought I had finished my taxes and am glad I didn't submit them yet. Now I need to visit this topic and hopefully get an even bigger refund.

 

[Chasey_Lane]

I did not know that. Thanks! I thought I had finished my taxes and am glad I didn't submit them yet. Now I need to visit this topic and hopefully get an even bigger refund.

I don't think you can claim it on 2006 taxes since it became effective 1 January.

 

[Chasey_Lane]

Here you go, Jazz...http://www.brokeroutpost.com/reference/79576.htm

 

[jazz lady]

I don't think you can claim it on 2006 taxes since it became effective 1 January.

Oops. Speed reading again. Then I'll keep it in mind for next year.

 

[Chasey_Lane]

Oops. Speed reading again. Then I'll keep it in mind for next year.

 

[itsbob]

Not that this information is useful now, but starting 01/01/07, PMI is now 100% deductible for combined incomes <$120K. Something to think about when you do your taxes next year and also something to consider if you plan on financing a mortgage.

I went from being poor to ..

Your income exceeds the limit for ..'this deduction'


In less then five years..

One deduction I missed by $2,000 in income..

 

[aps45819]

I don't think you can claim it on 2006 taxes since it became effective 1 January.

"The new tax code was written so that mortgage insurance will be deductible if you purchase a home in 2007, but will NOT apply to mortgage insurance on existing mortgages."

 

[jazz lady]

Here you go, Jazz...http://www.brokeroutpost.com/reference/79576.htm

Thanks.

The new tax code was written so that mortgage insurance will be deductible if you purchase a home in 2007, but will NOT apply to mortgage insurance on existing mortgages.

I need to refinance anyway this year.

 

[Chasey_Lane]

Thanks.



I need to refinance anyway this year.

But look at it from a different angle, you only need PMI for 12 months. You can then choose to do away with that extra cost per month.

 

[aps45819]

I just added a dependant to my withholding for this year. I'm getting to much of a refund.

 

[Chasey_Lane]

I just added a dependant to my withholding for this year. I'm getting to much of a refund.

I'll switch with you, I owe.

 

[BadGirl]

How much of a refund is considered too much that you'd be penalized for the large withholding?

 

[BadGirl]

I'll switch with you, I owe.

:snicker:

 

[aps45819]

How much of a refund is considered too much that you'd be penalized for the large withholding?

Don't know, but I don't want to have to pay income tax on another refund.

 

[bresamil]

How much of a refund is considered too much that you'd be penalized for the large withholding?

My friend who is savvy on this (I am not) says that taxes should be a $100 experience to receive refund or owe. If you get a higher refund, you're not getting the money per month you should to use as you wish during the year and should up your dependents claimed. If you owe more than $100 you have the too many dependents claimed.