Do I receive my mortgage tax refund? I do not understand how standard tax reduction work.

Forum|Forum|7 years ago
June 1, 2019
1 reply
20 views

No text available

TurboTax Deluxe Online

Best answer by Vanessa11_2

There's not a mortgage tax refund. Depending on the amount you paid for your mortgage interest and property taxes, along with medical expenses and charitable donations, you may be able to take an itemized deduction. If the total of everything that goes into the itemized deductions is more than your standard deduction (which is $12,000 for single and $24,000 for married filing jointly) then you will get the itemized deduction. If not, you will get the standard deduction. You can get one or the other, not both.

Whichever one you get will be deducted from your adjusted gross income. This will be your taxable income. The lower your taxable income, the less you pay in taxes.

If you had more withheld from your checks throughout the year and/or are eligible for other credits than your tax liability is, you will get a refund. If the amount withheld and credits are less than your tax liability then you will have to pay taxes when you file.

Vanessa11_2Answer

Level 13

Whichever one you get will be deducted from your adjusted gross income. This will be your taxable income. The lower your taxable income, the less you pay in taxes.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"