Posts in Financial Info
Minneapolis Saint Paul Residential Real Estate Questions Answered!
Housing statistics, such as price - are often stated as either "average" or "median". So what's the difference and what does it all mean?
The word median, is a statistical measure and it is based on a "normal" bell curve (like the one above). By definition, it means the middle of the distribution - half of the distribution is below the median and half is above. In a perfect bell curve, the average and the median are the same. But in the real world, most things are not perfect.
In the case of housing prices, it is quite common to have a somewhat skewed distribution. This causes the average and the median to be different. The example below shows the number of homes listed for sale in each of the price ranges:
This curve is certainly not a nice clean bell curve like the previous one. There are several price ranges that are empty - zero homes, while others have a large number of homes in them.
The average home price in this example is $314,608 but the median is $259,900. The median is less sensitive to the extremes - like the small number of homes in the price ranges above $550,000 and the empty ranges. In this case, there are 61 homes in the price range between $200K and $250K which is where the peak of this curve occurs. The median is closer to the peak than the average - it occurs in the $250,000 to $300,000 price range.
The average is skewed by the fact that there is not a nice normal distribution of homes in all of the price ranges. The average falls in the range between $300,000 and $350,000 - in this range, there are only 30 homes.
So the median compensates for the amount of "skew" in the data. Some people like to say that the median and a weighted average are the same thing. Technically, that is incorrect, but the concept is similar.
Minnesota Department of Revenue provides update and details on issues with Intuit products in Minnesota
ST. PAUL, Minn. – Last week the Minnesota Department of Revenue announced several issues with Intuit tax preparation products (TurboTax, Lacerte, Intuit online, ProSeries). This document provides a status of those issues as of 12:00 p.m. on March 11, 2013 and Intuit’s plan to fix them.
The Department of Revenue is not affiliated with Intuit and we find these errors unacceptable. The Intuit software issues affect about 14,000 Minnesota taxpayers. We expect Intuit to correct these problems immediately.
Intuit Issue Update - March 11 at 12 p.m.
State Election Campaign Fund Selection (Form M1 and M1PR)
If $5 was directed to a political party or to the state’s general campaign fund, Intuit did not accurately communicate your choice to the department.
Returns completed after February 28 do not have this issue.
If you filed electronically you do not need to do anything. Intuit will provide the department with a list and we will use that list to make corrections.
If you filed on paper, Intuit sent a letter with directions on how to identify if you have an issue and what to do. If you find an error or need assistance determining if your return is impacted, you can contact Intuit directly at 1-866-888-4609.
Negative Federal Adjusted Gross Income (Form M1)
Turbo Tax and ProSeries issue - When the Federal Adjusted Gross Income was a negative number, the value submitted to the department was a positive number.
Returns completed after February 4 do not have this issue.
Intuit will provide the department with a list and we will use that list to make corrections.
There may be some who received a letter or bill from the department.
I think the Turbo Tax page that explains this problem has been taken down or moved, but the form you need to fill out is still there (as of Jan 30th at 9:45 am).
If you are experiencing troubles with Turbo Tax changing your direct deposit information, here is a link to the original page and online form you need to fill out to report the error.
From the Turbo Tax website: http://turbotax.intuit.com/support/iq/Tax-Refund/Direct-Deposit-Information-Changes-when-going-through-the-Electronic-Filing-Process/SLN65863.html
“Some customers have experienced changes to the direct deposit information when going through the Electronic Filing process in TurboTax Online. This occurs in the File section after entering Routing number and Account number, the following screen contains different information than what was entered.
We're investigating a solution to this issue. Please go to https://turbotax.intuit.com/support/containment/dyn_containment_form.jsp?fid=Rene%7C02636%7Cfhmnrst+%7C&_requestid=180708 to sign up so we can help you. Please provide the following information in the note field of the sign up:
I hope this helps! Remember to make sure to check your direct deposit informaiton on the confirmation screen.