I sat down to try to estimate our taxes for 2012 and I'm overwhelmed. I think it is because there are documents all over the place because of the move.
We cannot deduct state income taxes withheld because DH income is not taxable in our state. Therefore, we are eligible to deduct state sales tax. Ugh...I don't know how to figure that. The program I used must have estimated it last year. ETA: I did find a calculator on the IRS website, but it is only good for 2011
I did do a rough estimate this summer, and that calculation shows we will owe $262. However, I noticed that I didn't include our state refund from 2011 in that calculation. And that refund was $2,309...I would think that would make a difference.
It also looks like we don't have enough itemized deductions to exceed the standard deduction. Darn. This will be the first year that has happened to us. All because of low interest rates!! I guess the government can use the money more than our bank.
I think the main thing I'm coming away from is that this tax return will be different this year. I just need to expect that we will owe money. I will wait to do the actual calculation once all the forms come in and a program is ready to do the calculations for me!
Overwhelmed
December 29th, 2012 at 10:59 pm
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