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Question

My husband died, I receive his pension. It is my only source of income. I own my home, have 2 dependant children and I can't get any deductions on my 2008 taxes. Why is this ?

Submitted: 392 days and 14 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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McHenry, Illinois

Already Tried:
Turbo Tax and a Turbo Tax Professional

Posted by RD 392 days and 14 hours ago.

Info Request

What deductions did you not get?

 

Do you have any taxable income besides the pension?

 

 

 

392 days and 14 hours ago.

Reply

I had a money market account which is now gone, that is what I used to pay all bills. I received 4125.00 in interest in 2008. I do not work so that is all the income I get.

Posted by RD 392 days and 13 hours ago.

Info Request

Than how much is your total income including your interest and pension?

392 days and 13 hours ago.

Reply

21,742.00 minus the health insurance they deducted from my pension. (this is including the money my son gets from the pension)

Posted by RD 392 days and 8 hours ago.

Answer

In that case you may not have any taxable income and so no tax would be due. Since there is no taxable income, there is no need for any deductions. What deductions were you concerned about?

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

391 days and 11 hours ago.

Reply

Why do I not get any of the $12,348.48 back that I paid in interest on my home ?

Accepted Answer

Mortgage interest is allowed as a deduction to you. You do not get a refund of the amount you pay for mortgage interest.

 

This expense can reduce your taxable income and hence the tax liability to zero but it does not refund you the mortgage interest paid.

 

 

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Expert: RD
Pos. Feedback: 99.4 %
Accepts: 6469
Answered: 2/17/2009

Certified Public Accountant (CPA)

CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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