Yes, you would both upload it to your individual returns. With it being an upload from your bank, one of you may have to manually enter the 1098 as the bank may decide it was already uploaded. When you do upload you may have to edit the amounts on the form. You would divide it based on who paid it, if you are itemizing your expenses. If only one person was responsible for the mortgage payment then that person would claim the mortgage interest. If it was paid out of a joint account, then you would split the amount between the two of you, entering half on each of your returns. The person who is listed second will select "My name is not on the 1098, or my name isn't the first one listed". Remember, if one person itemizes you both must itemize as the other person cannot take the standard deduction.
Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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