The mortgage interest deduction is only available to those who itemize their deductions.
If you take the standard deduction, you won't be able to deduct your mortgage interest.
You can try going back to the beginning and re-entering everything very carefully. Check your Tax & Interest Worksheet and see if the box asking if your mortgage interest needs to be limited is checked yes instead of no. You may be able to correct it there.
The tax and interest deduction worksheet shows the itemized deductions claimed for state and local taxes, including real estate taxes, and mortgage interest. You would only itemize if your total deductions were greater than the standard deduction for your filing status. However, these deductions can still be listed on your return. The worksheet helps calculate the deductions and determine if the standard deduction or itemized create the best tax benefit for you.
To view this worksheet:
- Click on the View link on the top menu bar
- Click on Forms
- Locate and click on 'Tax & Interest Worksheets' on the left-hand side of the screen (under Forms in My Return)
- On the form, scroll down to the 'Mortgage Interest Limited Smart Worksheet'
- Click on the 'No' box, to the right of the question 'Does your mortgage interest need to be limited.'
During reviews, check every question against the form it is asking about. Often these are in worksheets that are used to build up the final return.
Click here for more detailed information about tax deductions for mortgages.
Click here for Pub 936: Home Mortgage Interest deduction.
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