Tax returns

[steve dave]

Some of those dumbasses get a return for the student loan interest they pay off. 

you can only deduct $2,500 in student loan interest and that's only if you made less than $65k (pro-rated between $65k and $80k). and paying them off has nothing to do with it, it has to do with how much interest you paid last year, not how much of the loan.

[star seed 7]

Some of those dumbasses get a return for the student loan interest they pay off. 

you can only deduct $2,500 in student loan interest and that's only if you made less than $65k (pro-rated between $65k and $80k). and paying them off has nothing to do with it, it has to do with how much interest you paid last year, not how much of the loan.

Stop hiding behind the mods

[Emo EMAW]

Some of those dumbasses get a return for the student loan interest they pay off. 

you can only deduct $2,500 in student loan interest and that's only if you made less than $65k (pro-rated between $65k and $80k). and paying them off has nothing to do with it, it has to do with how much interest you paid last year, not how much of the loan.

It really is stupid.  Not that I have a ton of loans or interest or whatever, but just the general policy that higher wage earners get to deduct less, if any, of student loan interest is pud.  Should be equal across all tax payers, IMO.

[Asteriskhead]

Some of those dumbasses get a return for the student loan interest they pay off. 

you can only deduct $2,500 in student loan interest and that's only if you made less than $65k (pro-rated between $65k and $80k). and paying them off has nothing to do with it, it has to do with how much interest you paid last year, not how much of the loan.

It really is stupid.  Not that I have a ton of loans or interest or whatever, but just the general policy that higher wage earners get to deduct less, if any, of student loan interest is pud.  Should be equal across all tax payers, IMO.

edit: nevermind.

[sys]

It really is stupid.  Not that I have a ton of loans or interest or whatever, but just the general policy that higher wage earners get to deduct less, if any, of student loan interest is pud.  Should be equal across all tax payers, IMO.

why?

[michigancat]

i used the free form from the irs instead of a tax program that you have to pay for last year and it was still super pud to do.  don't expect to ever pay a dime again.


lol @ the people that get worked up about giving the govt a no-interest short-term loan (lol could be suspended if those people have really super giant tax bills).

I honestly didn't realize this existed. My taxes are brutally simple so I'll give it a try this year.

Also (because of kids) I've maximized the deductions my company lets me take and I still should get some back this year.

[420seriouscat69]

Some of those dumbasses get a return for the student loan interest they pay off. 

you can only deduct $2,500 in student loan interest and that's only if you made less than $65k (pro-rated between $65k and $80k). and paying them off has nothing to do with it, it has to do with how much interest you paid last year, not how much of the loan.

Good to know. Thanks, SD! I'm really bad at this stuff.

[pissclams]

i used the free form from the irs instead of a tax program that you have to pay for last year and it was still super pud to do.  don't expect to ever pay a dime again.


lol @ the people that get worked up about giving the govt a no-interest short-term loan (lol could be suspended if those people have really super giant tax bills).

I honestly didn't realize this existed. My taxes are brutally simple so I'll give it a try this year.

Also (because of kids) I've maximized the deductions my company lets me take and I still should get some back this year.

use turbo tax to e-file your fed return for free

[Emo EMAW]

It really is stupid.  Not that I have a ton of loans or interest or whatever, but just the general policy that higher wage earners get to deduct less, if any, of student loan interest is pud.  Should be equal across all tax payers, IMO.

why?

Why shouldn't it?  I think the need for justification why it's the way it is outweighs the need for justification for my preference for change.

[michigancat]

i used the free form from the irs instead of a tax program that you have to pay for last year and it was still super pud to do.  don't expect to ever pay a dime again.


lol @ the people that get worked up about giving the govt a no-interest short-term loan (lol could be suspended if those people have really super giant tax bills).

I honestly didn't realize this existed. My taxes are brutally simple so I'll give it a try this year.

Also (because of kids) I've maximized the deductions my company lets me take and I still should get some back this year.

use turbo tax to e-file your fed return for free

yeah I guess I've used H&R block and didn't have to pay to file federal. But it looks like California has a free file thing that will probably be worth it.

[Tobias]

yeah, i always use whatever's free to do federal (last couple of years i think i've just used taxact) and then just reenter the stuff on the KS state site to do that for free as well.  i BBS enough that the time/value thing still works just fine.

[ShellShock]

Anyone ever tried to deduct utility cost on their taxes? I rent out a room in my house to a guy I know and half of the utilities would technically be landlord costs...not trying to get a huge debate going here, just feeling out how tax bendy/thrifty some of you bastards are...haha

FWIW, i'm not reporting the income from the rental either...cash transaction only

[treysolid]

I do my own. Between my mortgage and maxing out the ol' Roth (thanks adulthood!), I should be getting something substantial back this year. 

[michigancat]

I do my own. Between my mortgage and maxing out the ol' Roth (thanks adulthood!), I should be getting something substantial back this year. 

how would maximizing a roth get money back.

[Emo EMAW]

It wouldn't.

[steve dave]

Deduct it anyway trey, YOLO

[Tobias]

this is inadvertently a kinda enjoyable "what is my income/how much am i willing to lie to the IRS about it" thread

[420seriouscat69]

this is inadvertently a kinda enjoyable "what is my income/how much am i willing to lie to the IRS about it" thread

I've learned a lot today. Thanks everyone. I'm getting too old to be naive about taxes this time of season.

[ShellShock]

this is inadvertently a kinda enjoyable "what is my income/how much am i willing to lie to the IRS about it" thread

Uncle Sam has his hands too far into all of our pockets as it is...no reason for him to see a little side income that I have as he takes 25%+ from every paycheck anyways...

Disclaimer: If anyone has other tax evasion tactics, i'm all ears.

[sys]

Why shouldn't it?  I think the need for justification why it's the way it is outweighs the need for justification for my preference for change.

we generally have a moderately progressive tax scheme where we expect people to pay increasingly greater percentages of their income as tax at higher income levels.

[treysolid]

aw, crap.

[Tobias]

i abide by the rules when doing my taxes.  america and all that.

[Emo EMAW]

Why shouldn't it?  I think the need for justification why it's the way it is outweighs the need for justification for my preference for change.

we generally have a moderately progressive tax scheme where we expect people to pay increasingly greater percentages of their income as tax at higher income levels.

And they already do on the income side.  It's a double KITN to do it on deductions. 

[Willesgirl]

I use Turbo Tax, but not the free one. Rental properties (and some other things) aren't addressed on the free one, so I pay for it. Still a lot cheaper than paying an accountant.

[420seriouscat69]

I use Turbo Tax, but not the free one. Rental properties (and some other things) aren't addressed on the free one, so I pay for it. Still a lot cheaper than paying an accountant.

Don't you get a break this year being married now? Not sure how it works. I know kids help.