Tax forms

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  #1  
Old 01-25-07, 12:25 PM
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Location: Bloomington, IL
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Tax forms

I bought a house back in July, so I believe I will be filling out some new forms for the first time.

In addition to buying a new home, I have taken a few college courses and work a full time job at an insurance company.

Is this enough information for someone to be able to tell me what forms I will need to properly file my taxes?

I would hate to have to pay a bundle to have someone else do them, so I am looking for all the help I can get at this point.

Thanks!
 
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  #2  
Old 01-25-07, 05:43 PM
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Turbo Tax is a pretty nice program - it will walk you through all of this.
 
  #3  
Old 01-25-07, 06:27 PM
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Whether or not you'll be filling out new forms depends on which forms you've been filling out before, and the amount your deductions have increased over last year's.

In general you can deduct taxes paid to local and state authorities, as well as interest on your loan. Points you paid when you got the loan may also be partially deductable.

Everyone gets a "standard deduction" (I think about $12K this year) off their income before figuing taxes. So, if your taxes, insurance and other deductions exceed the standard deduction you may want to file the "long form" instead of the EZ form. If they don't exceed then you probably won't want to.

As far as the education expenses I'm not sure, but the Turbo Tax program might be a great $50 investment. Or spend $200 or so on a CPA. Do NOT use a "temporary" tax preparer such as H&R Block or similar.

frank
 
  #4  
Old 01-26-07, 05:21 AM
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Standard deduction this year is $5,150 single or $10,300 married filing jointly.
 
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