How much of a refund would I receive if I paid $633 while registering my vehicle?

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  • How much of a refund would I receive if I paid $633 while registering my vehicle?


Answer #1 | 02/01 2014 12:20
Impossible to estimate your income tax refund (or amount due) without a lot more information. On your federal return you may deduct EITHER: State income taxes paid in 2013 Sales taxes paid in 2013 One or the other, but not both. If you saved EVERY receipt, just add up the total. Otherwise, the IRS has a formula based on your adjusted income. Simply add the vehicle sales tax to the formula amount to get your deduction. Only a portion of vehicle license fees may be deducted, the part based on the value of your vehicle. Your registration form will state how much is deductible. Itemized deductions only make sense if your total is over $6,000 for a single filer.
Answer #2 | 02/01 2014 13:03
If you don't already itemize, no tax benefit. Even if you do, maybe no benefit - you choose whether to deduct state and local income tsx of sales tax so if the income tax would be higher, you'd choose than in which case the additional sales tax paid would do nothing for you. At most you'd get a small % of the 633 back, not all of it. If you're in a 15% bracket, and you itemize, and you deduct sales tax rather than state taxx, your tax savings would be around $95.
Answer #3 | 02/01 2014 15:40
Unless you are already itemizing then it has no value.
Answer #4 | 02/01 2014 16:53
No not at all and your standard deduction amount for the 2013 tax year during the 2014 tax filing season is 6100 so your schedule A itemized deduction amount would have to be MORE than that 6100 in order to of any benefit to you at all during the tax filing season for that past tax year. Hope that you find the above enclosed information useful. 01/02/1014

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