Parrothead Posted November 15, 2005 Share Posted November 15, 2005 On a 1040A, Is the Mortgage Interest deduction something you can take without itemizing everything else? Or is it part of the either/or scenario (you know, take the standard deduction or itemize everything)? I was wondering, because technically, we are first-time homeowners as this is our first mortgage, even though we have had it for three years. Any insight would be helpful. Thanks!! Link to comment Share on other sites More sharing options...
travelguy_73 Posted November 15, 2005 Share Posted November 15, 2005 Either-or. If you are eligible to itemize (and if you have a new mortgage, you most assuredly are because your interest is the majority of the payment), then you will itemize. This way you can claim the sales tax deduction (final year?), property taxes, charitible donations, etc. You forego the standard deduction, but come out leagues ahead. Link to comment Share on other sites More sharing options...
Parrothead Posted November 15, 2005 Author Share Posted November 15, 2005 Thank you for answering! I have another stumper for ya. My husband was a graduate student (aka Graduate Research Assistant) at UT here in Houston for approx. 9 years. He graduated last year and is now a postdoc.According to UT's Grad School website (found here http://gsbs.uth.tmc.edu/current_consequences.htm ) Matt should not have paid FICA on any of his grad school "awards" (i.e. salary, even though they don't call it that) when he was a Graduate Research Assistant. Well, I just looked back at every single one of his tax statements and he paid every year. I don't know why they withheld it, unless I am reading something wrong on the website and he actually was subject to it.So what I am wondering is, is that money all lost? Is there anyway to get that back? I am just stupefied. Link to comment Share on other sites More sharing options...
travelguy_73 Posted November 16, 2005 Share Posted November 16, 2005 To clarify, you mean FICA (Soc Sec) and not income tax, right? Some people get those confused and use FICA in the context of all taxes.It is very easy for university payroll departments to incorrect assess taxes, especially if there aren't clear cut rules at the time (and it appears there weren't back then).Review this and see if it answers your query: http://www.irs.gov/pub/irs-tege/treasury_r...tudent_fica.pdfI believe you have 3 calendar years to file an amended personal tax return (meaning you have until 12/31 to file amended for 2002). I don't work with personal taxes, but the IRS.GOV website could answer for sure. Link to comment Share on other sites More sharing options...
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