Entering the mortgage interest does not guarantee that Schedule A will be generated. Schedule A is ONLY generated if you have more itemized deductions than your standard deduction.
Itemized expenses include mortgage interest, 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. The State and Local Tax deduction does max out at $10,000 regardless of your income. So if your total itemized deductions are less than your standard deduction, then you would not benefit from any of the mortgage interest you paid.
The 2023 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
- Both over 65 MFJ
- Over 65 Single
- Over 65 HOH
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
Standard versus Itemized Deduction
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