Also 401k won't matter, its already stated on your w2 like above stated. College loan info should come to you in the mail. You can ONLY deduct the interest paid, not the actual payment. You usually get a form in the mail, I forget what number it is. That will tell you exactly how much interest you paid in 2005 on your loans. That is the amount you can deduct. Same goes for housepayments. You will get a form telling you how much interest you paid on your mortgage, and again, can only deduct that amount from your gross income. Property tax again, is similar, but you can only deduct taxes that you paid in that year. So you pay 2004 property taxes in 2005(usually), now you can deduct those in your 2006 file, because you paid for them in 05.

 

Didn't you just finish your MBA?

You should have the capability to do it yourself. And, as said, it is the interest on your student loans that you can deduct.

If you don't have a house, you are probably just going to do the standard decuction and your single exemption. Fortunately the tax code lets you deduct student loan interest even if you don't itemize (most other deductions require you to itemize).

All in all, if you don't itemize, your taxes will take about 40 minutes to do.

 

Yes I did

I'm sure I can do it myself but time and making sure I do the right procedure is what worries me, but I have the dough to dish out when other people can do it then why not.


thanks for the tips Is turbo tax basic ok? or full edition? I dont have state taxes in WA.

 

turbo tax has an interview process that is almost fail proof.

"did you work this year", "do you own a house" "did you pay interest on that house" "do you wipe your ass" "left hand or right" etc.......

with as little stuff as you indicate it may take 40 minutes to answer no to most of the questions, and key in your info that you do have.

goodluck. May the schwartz be with you

 

I'm a CPA, and I agree with the crowd here. I don't hear anything that sounds like you can't use Turbotax. You don't need to go the pro route.

 

any opinions on turbotax vs. taxcut? i've been using taxcut for the last 3 yrs due to turbotax '01's spyware, etc.

also, taxcut/turbotax can be had for < $10 after rebates, etc. from staples/officemax, et al.

 

I've found turbotax to be very user friendly.

I used it last year. Also got it for $40 with state, and then had a $30 rebate.

 

I'm using TaxCut this year and it's just fine. I've had 2 employers in 2 states, student loans, relocation expenses, and some other stuff; everything has gone in fine and passes all the error checks. Once I get my last W-2 (using an old paystub's total for now), I'll be set. Getting the software for free is always good too

 

my dad has a definite preference for taxcut. TurboTax used to miss many deductions TaxCut found. Whether or not this is still the case I don't know.

 

i think i got jipped on my ass wiping credit last year...