Deductions represent an amount of money that you can subtract from your income before it gets taxed. There are two options for you to claim deductions.
- As @ Mike9241 stated, The Standard Deduction
- For single taxpayers and married individuals filing separately, the standard deduction is $12,950 in 2022.
- For married couples filing jointly is $25,900, and
- For heads of households, the standard deduction is $19,400.
- If you're at least 65 years old or blind, you can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status).
- If you're both 65 and blind, the additional deduction amount is doubled.
- Itemized Deductions
- You must maintain or gather records to qualify for this type of deduction.
- Examples of Itemized Deductions include:
- Mortgage Interest
- Property Taxes
- Medical bills
- Charitable contributions
- And a few others
If the Standard deduction is greater than the Itemized deduction, it is to you advantage to take the larger deduction. If you elect to post whatever Itemized deductions you have, TurboTax will determine the one that is to your best advantage.
1098 Posting
Select Deductions & Credits
- Scroll to Your Home
- Select Mortgage Interest and Refinancing (Form 1098)
- Did you pay any home loans in 2022? - Yes
- Continue
- Select your bank, if you select this option, follow the interview
- or Change how I enter my form
- Type it by myself
- Follow the interview
For box 2 (Outstanding Mortgage principal)
- Your outstanding mortgage principal balance is the amount of money you still owe on your home loan.
- If you took out a new loan, input your original loan balance.
- If your loan was funded before the start of the previous year, input your balance as of January 1, 2022.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
