Ive paid over 2000 in taxes on my house im curious why that is not affecting my retrun, thank you

Delllano101 — Sat, 01 Jun 2019 05:04:01 GMT

Your itemized deductions have to be more than your standa...

xmasbaby0 — Sat, 01 Jun 2019 05:04:02 GMT

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting thresholds (for example: only the amount of your medical deductions that are over 10% of your AGI or over 7.5% if you are 65 or older are “counted”) or are calculated by a percentage of what you entered. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Here are the Standard Deductions for 2016

Your standard deduction lowers your taxable income. It is not a refund

2016 Standard Deductions

Single $6300 (65 or older + $1550)

Married Filing Separately $6300 (65 or older + $1250)

Married Filing Jointly $12,600 (65 or older + $1250@)

Head of Household $9300 (65 or older + $1550)

topic Ive paid over 2000 in taxes on my house im curious why that is not affecting my retrun, thank you in Deductions & credits

Ive paid over 2000 in taxes on my house im curious why that is not affecting my retrun, thank you

Your itemized deductions have to be more than your standa...