Filing Taxes for 2006
Jan 13th 2006, 4:48 am
#166
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: Filing Taxes for 2006
I assumed (insert usual comment here) that Cindy's THAT = PMI.
Jan 13th 2006, 4:53 am
#167
Septicity
Joined: May 2004
Posts: 23,762
Re: Filing Taxes for 2006
Originally Posted by snowbunny
I assumed (insert usual comment here) that Cindy's THAT = PMI.
I couldn't work it out either! But we don't want Lisa getting confused!
Jan 13th 2006, 4:54 am
#168
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: Filing Taxes for 2006
Originally Posted by fatbrit
I couldn't work it out either! But we don't want Lisa getting confused!
Yoohoo, Cindy!
Jan 13th 2006, 7:34 am
#169
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,578
Re: Filing Taxes for 2006
Does anyone here not pay *any* taxes until the end of the year?
Do you get penalised for that?
Do you get penalised for that?
Jan 13th 2006, 11:24 am
#170
Lost in BE Cyberspace
Joined: Oct 2003
Posts: 22,105
Re: Filing Taxes for 2006
Originally Posted by fatbrit
Getting confused here! Are we talking PMI or the escrow servicing account for the mortgage?
On a conventional, conforming loan, the PMI can be dropped at 80% LTV. Your lender will probably insist on an appraisal (that you pay for) but you do not have to refinance to do this.
[Note: AmerLisa, the above does not apply to you on an FHA -- the rules are different!]
The escrow servicing account is usually part of the original terms and conditions for the mortgage and usually remain through the life of the loan. You can, of course, always negotiate with the lender. Many lenders will not even give you the option of opting out of an escrow servicing account unless you have very good credit and a large amount of equity in the property.
On a conventional, conforming loan, the PMI can be dropped at 80% LTV. Your lender will probably insist on an appraisal (that you pay for) but you do not have to refinance to do this.
[Note: AmerLisa, the above does not apply to you on an FHA -- the rules are different!]
The escrow servicing account is usually part of the original terms and conditions for the mortgage and usually remain through the life of the loan. You can, of course, always negotiate with the lender. Many lenders will not even give you the option of opting out of an escrow servicing account unless you have very good credit and a large amount of equity in the property.
Jan 13th 2006, 11:42 am
#171
Septicity
Joined: May 2004
Posts: 23,762
Re: Filing Taxes for 2006
Originally Posted by AmerLisa
I think, if I remember correctly, we needed to refinance to drop the PMI. However, I hate to think about doing that, because we do have a good rate, but its not fixed. Anyway, what rules for FHA? Other than probably having to refinance to a convential type loan?
Must run at least 5 years and LTV <= 78%. A reappraisal of the current value is not allowed -- the V of LTV is always the selling price.
Jan 13th 2006, 12:49 pm
#172
Sursum corda
Joined: Sep 2002
Location: Richmond Hill, GA USA
Posts: 38,860
Re: Filing Taxes for 2006
Originally Posted by snowbunny
I assumed (insert usual comment here) that Cindy's THAT = PMI.
and you were correct,
. Note: at least I don't do my Mom's trick of thinking about something and then stating something in regard to it, when the rest of us don't have a clue what she was thinking of to begin with. Broca's brain? 
Jan 13th 2006, 12:56 pm
#173
Arrogant ****
Joined: Jan 2004
Location: Plano, TX
Posts: 4,323
Re: Filing Taxes for 2006
Originally Posted by fatbrit
Getting confused here! Are we talking PMI or the escrow servicing account for the mortgage?
On a conventional, conforming loan, the PMI can be dropped at 80% LTV. Your lender will probably insist on an appraisal (that you pay for) but you do not have to refinance to do this.
[Note: AmerLisa, the above does not apply to you on an FHA -- the rules are different!]
The escrow servicing account is usually part of the original terms and conditions for the mortgage and usually remain through the life of the loan. You can, of course, always negotiate with the lender. Many lenders will not even give you the option of opting out of an escrow servicing account unless you have very good credit and a large amount of equity in the property.
On a conventional, conforming loan, the PMI can be dropped at 80% LTV. Your lender will probably insist on an appraisal (that you pay for) but you do not have to refinance to do this.
[Note: AmerLisa, the above does not apply to you on an FHA -- the rules are different!]
The escrow servicing account is usually part of the original terms and conditions for the mortgage and usually remain through the life of the loan. You can, of course, always negotiate with the lender. Many lenders will not even give you the option of opting out of an escrow servicing account unless you have very good credit and a large amount of equity in the property.
Jan 14th 2006, 7:16 am
#174
BE Forum Addict
Joined: Mar 2003
Location: Florida
Posts: 1,296
Re: Filing Taxes for 2006
Originally Posted by kevntrace
Thanks for the implication that I'm lazy and stupid!
Get over it fellas - some of us prefer to get the large refund and have the discipline of (albeit interest free) saving forced upon us.
I pay off my credit card in full each month, I do not use an escrow account for insurance and taxes (I don't like relying on a 3rd party to make timely payments), I do not use loans to my claim my refund immediately, I prepare my own tax return using TurboTax, I pay the maximum into my 401k, and I pay extra principle each month on my mortgage (without using any of those ripoff 3rd party companies).
But I will tell you my refund is approximately $11,000 federal and $3,000 state. Is your jaw back in place now? We get the refund in March, and the next property tax check is not due until November, so we do get a little interest on the refund amount during that time. And we are comfortable with that arrangement, thank you very much.
We have a bunch of equity in our US property (mortgage represents approx 1/5th of value), we have a UK property which is growing in value, but we still pay a mortgage on that too (mortgage balance represents approx 1/3rd of property value) plus insurance, poll tax etc etc.
So, not doing too bad for someone who is lazy and stupid.
Get over it fellas - some of us prefer to get the large refund and have the discipline of (albeit interest free) saving forced upon us.
I pay off my credit card in full each month, I do not use an escrow account for insurance and taxes (I don't like relying on a 3rd party to make timely payments), I do not use loans to my claim my refund immediately, I prepare my own tax return using TurboTax, I pay the maximum into my 401k, and I pay extra principle each month on my mortgage (without using any of those ripoff 3rd party companies).
But I will tell you my refund is approximately $11,000 federal and $3,000 state. Is your jaw back in place now? We get the refund in March, and the next property tax check is not due until November, so we do get a little interest on the refund amount during that time. And we are comfortable with that arrangement, thank you very much.
We have a bunch of equity in our US property (mortgage represents approx 1/5th of value), we have a UK property which is growing in value, but we still pay a mortgage on that too (mortgage balance represents approx 1/3rd of property value) plus insurance, poll tax etc etc.
So, not doing too bad for someone who is lazy and stupid.
Of course if you took fatbrits advice, printed off the form and altered box 5- set up an online account with HSBC or ING, set up automatic savings with them so they take the 'extra' money out of your account the day your wage goes in and then ignore it. In march pay your refund into the same account and then come November when your property taxes are due you should have about $28,000 in there (that's at 4.25% interest). Of course you won't have a big refund next march but the money is already in the bank earning interest.
BTW if you can comfortably afford your mortgage- paying it off is dead money, better to invest the amount you pay off each month in an investment vehicle with a higher interest rate than your mortgage rate, then you can pay off a much higher amount of your mortgage when its beneficial- at the moment your mortgage interest is lowering your taxes.
But its up to you, its your money, no skin off my nose.
Jan 16th 2006, 7:32 am
#176
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,578
Re: Filing Taxes for 2006
Originally Posted by HoosierDaddy
Found this site - Taxslayer and wondered if anyone here had heard anything good/bad about them?
http://www.revenue.state.il.us/Indiv...e/software.htm
Maybe there's a webpage for your state?
Jan 16th 2006, 7:35 am
#177
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: Filing Taxes for 2006
Originally Posted by anotherlimey
Does anyone here not pay *any* taxes until the end of the year?
Do you get penalised for that?
Do you get penalised for that?
If you are self-employed, say, and you owe taxes, you are supposed to send in payments periodically -- used to be quarterly.
From distant memory, when I was a child oh 30 odd years ago, if you didn't make a lot of money, you COULD send in all your taxes at year's end. The IRS has gotten tougher and tougher about forcing everyone to pay-as-we-earn.
Jan 16th 2006, 8:15 am
#178
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,883
Re: Filing Taxes for 2006
Originally Posted by snowbunny
If you do it one year, it used to be okay, but the second you had to properly withhold or you would be penalised.
Originally Posted by snowbunny
From distant memory, when I was a child oh 30 odd years ago, if you didn't make a lot of money, you COULD send in all your taxes at year's end. The IRS has gotten tougher and tougher about forcing everyone to pay-as-we-earn.
Jan 21st 2006, 11:11 am
#179
Gotta have more cowbell
Thread Starter
Joined: Oct 2004
Location: Hoosier State
Posts: 1,187
Jan 21st 2006, 1:17 pm
#180
Joined: Jan 2006
Posts: 2,542
Re: Filing Taxes for 2006
Originally Posted by fatbrit
There's TurboTax and TaxCut. Both will happily work if you have a household income of >$50k/yr.
