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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I need your help. I just e-filed my taxes for 2007 and was ...

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I need your help. I just e-filed my taxes for 2007 and was happy to see that I am going to get a refund of 2,134 federal and 1,200 state of CA. After I filed I soon realized that I had another 2,600 in deductions ( 1,194 in mortgage interest and the rest in clothing donations) If I file a amended return will the additional deductions give me an additional tax refund and if so how much. I just want to know if it is even worth filing the 1040X form if I am not going to get much back in return. Thanks
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.
What was your total taxable income, itemized deductions as claimed and tax liability? What is your filing status-married filing joint? Did any of the credits get phase out due to high income?
Customer: replied 8 years ago.
My taxable income was 33,670
My Itemized deductions were 7,613 / my total tax was 4,843
Filing Status is single
No credits phased out...
Expert:  RD replied 8 years ago.

Based on your information, an additional deduction of $2600 will get you a refund of $570-$575.

 

 

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.

 

 

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