Tax forms


Old 01-25-07, 12:25 PM
Thread Starter
Join Date: Jan 2007
Location: Bloomington, IL
Posts: 172
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.

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Old 01-25-07, 05:43 PM
Join Date: Jul 2006
Location: Euclid, Oh
Posts: 315
Turbo Tax is a pretty nice program - it will walk you through all of this.
Old 01-25-07, 06:27 PM
slumlordfrank's Avatar
Join Date: Mar 2003
Location: Where time and space begin
Posts: 702
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.

Old 01-26-07, 05:21 AM
the_tow_guy's Avatar
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Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,575
Standard deduction this year is $5,150 single or $10,300 married filing jointly.

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