Bought a house refinanced got married and kid how much can i expect at tax time?

Merlene
This year we bought a house in Jan. Then we refinanced in March. Then got married in April and had a baby in Oct. People say that I will not get much back for our house interest but I am curious to see how much we may get back for all that we have done. Me and my hubby plan to file seperate because he owes money to a creditor from befor we where together. I bring in about 20k a year and hubby brings about 40k.

Annemarie
Without knowing how much interest you paid on the house for 2007, and what other itemized deductions you had, nobody can give you an answer. And you also don't say how much the two of you had withheld for federal income tax.Refinancing, and getting married, isn't going to make much difference on your taxes. If you file separately, if one of you itemizes the other has to also. On a joint return you would be in the 15% bracket. If you file separately, he'll almost surely be in a 25% bracket, so some of his income will be taxed at a higher rate than it would if you filed a joint return.Who does he owe money to? If it's not a government agency, back child support, or a defaulted student loan, you can file a joint return and they won't take it - creditors like medical bills and credit cards can't seize a tax refund.There are way too many unknowns in your question for anyone to give you an answer. If you file separately, it would make sense for him to claim the child, and claim the itemized deductions.

Glenn
you don't get any of the interest "BACK" - you get to claim it as an itemized deduction on Schedule A, along with real estate taxes and local and state income taxes, which together reduce your taxable income - you don't give enough info to figure out a refund or tax owed answer - file jointly or you'll pay a lot more tax - you can file an innocent spouse form that will protect your half of any refund - see a tax preparer

Katlyn
You can expect much extra paperwork. Beyond that anything anyone says on this forum is a guess.

Leandra
You will receive a tax break for being married if you file together, one for having the baby (congratulations!). You can also take off your interest paid on your home, also your real estate taxes. Good luck and happy spending!