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Reply to "$260K HHI. 2 Kids. Accountant or freebie software?"
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[quote=Anonymous][quote=Anonymous]Hi all. We have 260K HHI. I think we are a pretty simple profile when it comes to taxes: -- 28K on daycare -- 2 kids under 3 -- Renters -- Make too much for student loan interest write-off -- No major 501c3 contributions (<$500) I ran our numbers in the FreeTaxUSA platform and am getting about $3195 deduction. When I had previously just ran our numbers in a TurboTax estimator I got about 4K in return. Should we do an accountant? Would we get much more? [/quote] We are around the same income and in a similar situation. Your total tax liability should be around $40K +/- 2k if 260K is your true HHI. If you made contributions to retirement accounts then you need to adjust your HHI for that and your taxes will be lower. An accountant can't find any additional deductions for you. [/quote]
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