topic . in After you file

.

aspeciale95 — Sun, 25 Feb 2024 21:08:59 GMT

Re: Why did I get the full amount of my 1098 interest back in a tax credit, did I do everything right?

Mike9241 — Sun, 25 Feb 2024 20:49:34 GMT

if personal how much do the outstanding mortgage balances total for your return.

only mortgages on a first and second home can be used. For mortgages incurred after 12/15/2017 the limit is $750K. if you refinanced, the balance allowed will be even lower. The mortgage must be secured by the property.

Re: Why did I get the full amount of my 1098 interest back in a tax credit, did I do everything r...

JohnB5677 — Sun, 25 Feb 2024 20:53:41 GMT

Please clarify your question.

Your 1098 is the statement your bank sends you for your mortgage.
Th take advantage oh a 1098 you will have to Itemize your deductions.
You will never get 100% of the interest posted to the 1098, back.
Please clarify if you do Itemize?

This can help clear up the deduction process.

Mortgage Interest is considered an Itemized deduction .
There are specific rules that determine what and how much those deductions contribute to the total.
When all if the Itemized Deductions are accumulated, it is compared to the Standard Deduction.
TurboTax will choose the one that gives the taxpayer the greatest advantage.

So, if your mortgage interest combined with other Itemized deductions is greater than your standard deduction, it will reduce your taxes.

Re: Why did I get the full amount of my 1098 interest back in a tax credit, did I do everything right?

aspeciale95 — Sun, 25 Feb 2024 20:54:55 GMT

Hello Mike,

Sorry I am a little confused, I am absolutely brand new to this haha.

My outstanding which I was responsible for was $144,000, and what was paid on the form was $1709. Which is exactly what I got back on my return, I hope this helps.

Re: Why did I get the full amount of my 1098 interest back in a tax credit, did I do everything r...

aspeciale95 — Sun, 25 Feb 2024 21:07:21 GMT

I actually completely misread my tax return LOL. I am so sorry, I messed up. Everything is good. I did a standard deduction and everything and got a nice tax return, I thought I got the full amount back but I didn't. Sorry I'm a huge noob ha!!, thank you for your time.