Income Tax...

How do you claim that you had two babies on your income tax?
How do you claim that you bought a house?
How do you claim that you bought a new car?

Please help . Thanks ladies.

 

Sorry, i use Turbo Tax, it just asks me questions and I answer. I will say that I bought a new home and when asked "Did you sell you home?" I answered yes and it asked "Did you purchase a new home?" again yes and then it gave a listing of reasons a new home was puchased. One of the choices was "multiple birth", apparently its a tax right off from of some sort. I haven't finished filing (waiting on w-2's so I am not 100% sure).

ETA: It also let me add as many children as needed, I just hit "add" after I put the first baby in.

 

QUOTE(sjohnson813 @ Jan 16 2009, 12:40 PM) [snapback]1149946[/snapback]
Sorry, i use Turbo Tax, it just asks me questions and I answer. I will say that I bought a new home and when asked "Did you sell you home?" I answered yes and it asked "Did you purchase a new home?" again yes and then it gave a listing of reasons a new home was puchased. One of the choices was "multiple birth", apparently its a tax right off from of some sort. I haven't finished filing (waiting on w-2's so I am not 100% sure).

ETA: It also let me add as many children as needed, I just hit "add" after I put the first baby in.



Thanks so much, I was unsure of that I just saw a comerical for Turbo tax, and it said did you have a child? So I was just making sure that there was a spot for multiple birth.

As for your home, do you get a W2 type of thing from your Mortgage company telling you how much in taxes you spent?

 

QUOTE(Melissatwins84 @ Jan 16 2009, 01:44 PM) [snapback]1149953[/snapback]
Thanks so much, I was unsure of that I just saw a comerical for Turbo tax, and it said did you have a child? So I was just making sure that there was a spot for multiple birth.

As for your home, do you get a W2 type of thing from your Mortgage company telling you how much in taxes you spent?


Also, in order to claim your kiddos, you need to have gotten their social security numbers. So if you haven't applied for those yet, I'd do that now. You need to enter the numbers on your tax return form (even with Turbo Tax)

 

QUOTE(Melissatwins84 @ Jan 16 2009, 01:44 PM) [snapback]1149953[/snapback]
As for your home, do you get a W2 type of thing from your Mortgage company telling you how much in taxes you spent?



Yes, you will get a form from your mortgage company that says how much interest you paid and how much in real estate taxes. . .I just got mine yesterday, so keep an eye out! Also, if you get a monthly statement from your mortgage company, sometimes they stick them in there. . .

 

QUOTE(Chillers @ Jan 16 2009, 12:56 PM) [snapback]1149981[/snapback]
Also, in order to claim your kiddos, you need to have gotten their social security numbers. So if you haven't applied for those yet, I'd do that now. You need to enter the numbers on your tax return form (even with Turbo Tax)


Woo didn't know that, Thank goodness I got them.

QUOTE(lukesmom @ Jan 16 2009, 12:59 PM) [snapback]1149983[/snapback]
Yes, you will get a form from your mortgage company that says how much interest you paid and how much in real estate taxes. . .I just got mine yesterday, so keep an eye out! Also, if you get a monthly statement from your mortgage company, sometimes they stick them in there. . .



thank you so much . I can't wait to get our income tax done... we should get a lot of money this year **HOPING**

 

last year my hubby and i got about 4 grand back. we were both working full time and had a daughter. this year he is only working and now we have 3 daughters. hoping to get ALOT cause we are poor. lol

 

FYI if you happen to have your mortgage through Countrywide you can print your end of the year statement that needs to be included with your taxes from their website. I did mine yesterday and at this point the only W-2 we are waiting on is DH's since I was able to print mine from our payroll website.

 

QUOTE(Rach1137 @ Jan 16 2009, 01:37 PM) [snapback]1150058[/snapback]
FYI if you happen to have your mortgage through Countrywide you can print your end of the year statement that needs to be included with your taxes from their website. I did mine yesterday and at this point the only W-2 we are waiting on is DH's since I was able to print mine from our payroll website.



Ahhh ours is from Wells Fargo ...

Does anyone know about buying a new car, do you get a tax deduction for that also?

 

QUOTE(Elisabethcogdill @ Jan 16 2009, 01:22 PM) [snapback]1150034[/snapback]
last year my hubby and i got about 4 grand back. we were both working full time and had a daughter. this year he is only working and now we have 3 daughters. hoping to get ALOT cause we are poor. lol


last year My hubby and I were both working, he got a new job, (before that he was a teacher)... so during the summer months he got his teacher salary, plus his new job salary, so that put us in a higher tax bracket, and we only got 200 dollars back! So hopefully with me not working, him only having one income, and us having two kids we'll get a lot back HOPEFULLY !

 

QUOTE(Melissatwins84 @ Jan 16 2009, 02:42 PM) [snapback]1150066[/snapback]
Ahhh ours is from Wells Fargo ...

Does anyone know about buying a new car, do you get a tax deduction for that also?


Sorry Melissa, don't think buying a new car gets any deductions, however, we can deduct the local portion (I think, I always get confused ~ state vs. local ~ it's one but not both) of our registration (only applicable if you itemize vs. standard deduction) but I don't remember if that is state dependent or not (we don't have a state income tax here...)

ETA: We have our mortgage through Wells Fargo too and my interest statement was included in our February bill I got in the mail the other day.

 

QUOTE(Chillers @ Jan 16 2009, 01:46 PM) [snapback]1150074[/snapback]
Sorry Melissa, don't think buying a new car gets any deductions, however, we can deduct the local portion (I think, I always get confused ~ state vs. local ~ it's one but not both) of our registration (only applicable if you itemize vs. standard deduction) but I don't remember if that is state dependent or not (we don't have a state income tax here...)

ETA: We have our mortgage through Wells Fargo too and my interest statement was included in our February bill I got in the mail the other day.


Thanks I guess I should start paying attention to what is in my bill box.

 

I believe you can get some tax deduction if you purchased an eco friendly vehicle ie a hybrid.

 

QUOTE(ehm @ Jan 16 2009, 02:17 PM) [snapback]1150137[/snapback]
I believe you can get some tax deduction if you purchased an eco friendly vehicle ie a hybrid.



Oh well that definitely wouldn't be me I got a Mazda MPV Mini Van

 

QUOTE(Melissatwins84 @ Jan 16 2009, 03:33 PM) [snapback]1150160[/snapback]
Oh well that definitely wouldn't be me I got a Mazda MPV Mini Van



I love those MPV's!!!

 

Don't forget about the Recovery Rebate Credit! You get $300 extra for each child born in 2008 because they weren't counted when we received the stimulus checks! I use taxact and they automatically added the credit on (it actually is added onto the amount you had withheld). Make sure you include it if you do your taxes manually.

 

QUOTE(marisa55 @ Jan 16 2009, 04:44 PM) [snapback]1150369[/snapback]
Don't forget about the Recovery Rebate Credit! You get $300 extra for each child born in 2008 because they weren't counted when we received the stimulus checks! I use taxact and they automatically added the credit on (it actually is added onto the amount you had withheld). Make sure you include it if you do your taxes manually.


Woo really??????????????????? Great advice !!!!!!!!!!!!!! Thanks so much!

 

QUOTE(Melissatwins84 @ Jan 16 2009, 02:42 PM) [snapback]1150066[/snapback]
Does anyone know about buying a new car, do you get a tax deduction for that also?


You can get a deduction for your car if you are in a state with no income tax. You can claim either income tax OR sales tax. I guess your car might have had more in tax than your income Take whichever one is bigger!

 

Has anyone used the H&R Block CD to file your income tax? We bought that tonight, I was just wondering if it works just as well as the Turbo Tax (as far as easy goes)... because it was 10 dollars difference, and I was curious why was it so cheap compared to Turbo Tax?

 

Hey there! For claiming your two babies on your income tax, you'll need to list them as dependents and include their Social Security numbers on your tax return. When you bought a house, make sure to keep all your closing documents handy as they can help you with potential deductions. For the new car, you can claim sales tax on your federal return if you itemize deductions. Also, if you're financing through a company like Specialized Loan Servicing reviews , it can give you a good idea of what to expect. Hope this helps!