Deductions & credits
If the total amount of your mortgage balance exceeds $750,000, then the amount might be limited.
Mortgage interest deduction limits
Or are you able to itemize your deductions or is your return being calculated using the standard deduction?
Standard deduction versus Itemized deduction
To determine what deduction is being used on your return, log back into TurboTax.
- Go back to your Deductions & Credits Screen.
- Scroll down to the bottom and select Wrap up Tax Breaks.
- You should continue through the screens until you see the following screen:
TurboTax will use the deduction that yields the highest tax benefit for you.
