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Deductions & credits
You can't deduct both the mortgage interest and Standard Deduction. It's either one or the other. You get the Standard Deduction or your Itemized Deductions (which includes mortgage INT) whichever is more.
The Standard Deduction for Married Joint is 24,400 plus 1,300 for each spouse 65 or older.
May 11, 2020
2:29 PM