topic No...the thing that is uncertain is whether Congress will... in Deductions & credits

topic No...the thing that is uncertain is whether Congress will... in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535 No...the thing that is uncertain is whether Congress will renew the deduction for private mortgage insurance (PMI) So far they have not.  Mortgage interest is still deductible-=but the deduction is much harder to get because of the higher standard deductions. Sat, 01 Jun 2019 11:39:06 GMT xmasbaby0 2019-06-01T11:39:06Z Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/will-i-be-able-to-deduct-my-mortgage-interests-in-2018-if-i-do-not-itemize-deductions/01/160241#M21528 I am trying to determine if will I be able to deduct my mortgage interest in 2018 and beyond if I do not itemize deductions? Sat, 01 Jun 2019 11:38:54 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/will-i-be-able-to-deduct-my-mortgage-interests-in-2018-if-i-do-not-itemize-deductions/01/160241#M21528 Karen2211 2019-06-01T11:38:54Z You have to itemize your mortgage interest in 2017 and yo... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-to-itemize-your-mortgage-interest-in-2017-and-yo/01/160243#M21529 You have to itemize your mortgage interest in 2017 and you will have to itemize your mortgage interest in 2018 and beyond. Sat, 01 Jun 2019 11:38:56 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-to-itemize-your-mortgage-interest-in-2017-and-yo/01/160243#M21529 DoninGA 2019-06-01T11:38:56Z what amount of mortgage interest will allow me to do ite... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-amount-of-mortgage-interest-will-allow-me-to-do-ite/01/160244#M21530 what amount of mortgage interest will allow me to  do itemize deductions Sat, 01 Jun 2019 11:38:57 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-amount-of-mortgage-interest-will-allow-me-to-do-ite/01/160244#M21530 gertie15 2019-06-01T11:38:57Z <a rel="nofollow" target="_blank" href="https://fairmark.... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-rel-nofollow-target-blank-href-https-fairmark/01/160246#M21531 <a rel="nofollow" target="_blank" href="<A href="https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/</a" target="_blank">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/</a</A>> State may be different. Sat, 01 Jun 2019 11:38:59 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-rel-nofollow-target-blank-href-https-fairmark/01/160246#M21531 SweetieJean 2019-06-01T11:38:59Z No, you will still have to itemize to deduct mortgage int... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-will-still-have-to-itemize-to-deduct-mortgage-int/01/160248#M21532 No, you will still have to itemize to deduct mortgage interest.  Most other itemized deductions are disappearing, however, so it may be that, with the higher standard deductions, your mortgage interest may not be enough to make all your itemized deductions larger then the new standard deductions.  In that case, you will use the standard and lose your mortgage interest. Sat, 01 Jun 2019 11:39:01 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-will-still-have-to-itemize-to-deduct-mortgage-int/01/160248#M21532 Anita01 2019-06-01T11:39:01Z I thought I saw a Turbo Tax pop-up that stated this deduc... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160251#M21533 I thought I saw a Turbo Tax pop-up that stated this deduction is still under review by "the government" and I will be notified if it is decided mortgage interest will be included as a deduction.  Did I read this correctly, and if so, should I wait to file my taxes? Sat, 01 Jun 2019 11:39:02 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160251#M21533 Millie-s-Mommy 2019-06-01T11:39:02Z I thought I saw a Turbo Tax pop-up that stated this deduc... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160254#M21534 I thought I saw a Turbo Tax pop-up that stated this deduction is still under review by "the government" and I will be notified if it is decided mortgage interest will be included as a deduction.  Did I read this correctly, and if so, should I wait to file my taxes? Sat, 01 Jun 2019 11:39:04 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160254#M21534 Millie-s-Mommy 2019-06-01T11:39:04Z No...the thing that is uncertain is whether Congress will... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535 No...the thing that is uncertain is whether Congress will renew the deduction for private mortgage insurance (PMI) So far they have not.  Mortgage interest is still deductible-=but the deduction is much harder to get because of the higher standard deductions. Sat, 01 Jun 2019 11:39:06 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535 xmasbaby0 2019-06-01T11:39:06Z Thank you for answering so quickly! https://ttlc.intuit.com/community/tax-credits-deductions/discussion/thank-you-for-answering-so-quickly/01/160256#M21536 Thank you for answering so quickly! Sat, 01 Jun 2019 11:39:07 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/thank-you-for-answering-so-quickly/01/160256#M21536 Millie-s-Mommy 2019-06-01T11:39:07Z I don't understand something. Last year I paid $4K in mor... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-don-t-understand-something-last-year-i-paid-4k-in-mor/01/160258#M21537 I don't understand something. Last year I paid $4K in mortgage interest and it helped lower my due federal tax. This year, I paid about the same $4K in interest and nothing happens. The amount I owe in federal taxes doesn't change even if I put $0K in interest paid. (Box 1). Not sure I understand why this is happening. Sat, 01 Jun 2019 11:39:09 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-don-t-understand-something-last-year-i-paid-4k-in-mor/01/160258#M21537 erico-munhoz 2019-06-01T11:39:09Z Many taxpayers are surprised this year because their item... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/many-taxpayers-are-surprised-this-year-because-their-item/01/160260#M21538 Many taxpayers are surprised this year because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact. 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  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  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.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. Your standard deduction lowers your taxable income.  It is not a refund  2018 Standard Deductions: Single   $12,000  (+ $1600 65 or older) Married Filing Separately    $12,000  (+ $1300 65 or older) Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older) Head of Household  $18,000  (+ $1600 65 or older Look at line 8 of your Form 1040 to see your standard or itemized deductions. Sat, 01 Jun 2019 11:39:09 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/many-taxpayers-are-surprised-this-year-because-their-item/01/160260#M21538 xmasbaby0 2019-06-01T11:39:09Z

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535

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No...the thing that is uncertain is whether Congress will renew the deduction for private mortgage insurance (PMI) So far they have not.  Mortgage interest is still deductible-=but the deduction is much harder to get because of the higher standard deductions.

</description>

<dc:creator>xmasbaby0</dc:creator>

<dc:date>2019-06-01T11:39:06Z</dc:date>

<item>

<title>

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

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<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/will-i-be-able-to-deduct-my-mortgage-interests-in-2018-if-i-do-not-itemize-deductions/01/160241#M21528

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I am trying to determine if will I be able to deduct my mortgage interest in 2018 and beyond if I do not itemize deductions?

</description>

<guid>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/will-i-be-able-to-deduct-my-mortgage-interests-in-2018-if-i-do-not-itemize-deductions/01/160241#M21528

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<dc:creator>Karen2211</dc:creator>

<dc:date>2019-06-01T11:38:54Z</dc:date>

</item>

<item>

<title>

You have to itemize your mortgage interest in 2017 and yo...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-to-itemize-your-mortgage-interest-in-2017-and-yo/01/160243#M21529

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You have to itemize your mortgage interest in 2017 and you will have to itemize your mortgage interest in 2018 and beyond.

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-to-itemize-your-mortgage-interest-in-2017-and-yo/01/160243#M21529

</guid>

<dc:creator>DoninGA</dc:creator>

<dc:date>2019-06-01T11:38:56Z</dc:date>

</item>

<item>

<title>

what amount of mortgage interest will allow me to do ite...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-amount-of-mortgage-interest-will-allow-me-to-do-ite/01/160244#M21530

</link>

what amount of mortgage interest will allow me to  do itemize deductions

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-amount-of-mortgage-interest-will-allow-me-to-do-ite/01/160244#M21530

</guid>

<dc:creator>gertie15</dc:creator>

<dc:date>2019-06-01T11:38:57Z</dc:date>

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<a rel="nofollow" target="_blank" href="https://fairmark....

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-rel-nofollow-target-blank-href-https-fairmark/01/160246#M21531

</link>

<a rel="nofollow" target="_blank" href="<A href="https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/</a" target="_blank">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/">https://fairmark.com/general-taxation/reference-room/tax-brackets/2019-tax-figures-adjusted-for-inflation/</a</A>> State may be different.

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-rel-nofollow-target-blank-href-https-fairmark/01/160246#M21531

</guid>

<dc:creator>SweetieJean</dc:creator>

<dc:date>2019-06-01T11:38:59Z</dc:date>

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<item>

<title>

No, you will still have to itemize to deduct mortgage int...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-will-still-have-to-itemize-to-deduct-mortgage-int/01/160248#M21532

</link>

No, you will still have to itemize to deduct mortgage interest.  Most other itemized deductions are disappearing, however, so it may be that, with the higher standard deductions, your mortgage interest may not be enough to make all your itemized deductions larger then the new standard deductions.  In that case, you will use the standard and lose your mortgage interest.

</description>

<guid>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-will-still-have-to-itemize-to-deduct-mortgage-int/01/160248#M21532

</guid>

<dc:creator>Anita01</dc:creator>

<dc:date>2019-06-01T11:39:01Z</dc:date>

</item>

<item>

<title>

I thought I saw a Turbo Tax pop-up that stated this deduc...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160251#M21533

</link>

I thought I saw a Turbo Tax pop-up that stated this deduction is still under review by "the government" and I will be notified if it is decided mortgage interest will be included as a deduction.  Did I read this correctly, and if so, should I wait to file my taxes?

</description>

<guid>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160251#M21533

</guid>

<dc:creator>Millie-s-Mommy</dc:creator>

<dc:date>2019-06-01T11:39:02Z</dc:date>

</item>

<item>

<title>

I thought I saw a Turbo Tax pop-up that stated this deduc...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160254#M21534

</link>

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-thought-i-saw-a-turbo-tax-pop-up-that-stated-this-deduc/01/160254#M21534

</guid>

<dc:creator>Millie-s-Mommy</dc:creator>

<dc:date>2019-06-01T11:39:04Z</dc:date>

</item>

<item>

<title>

No...the thing that is uncertain is whether Congress will...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535

</link>

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-the-thing-that-is-uncertain-is-whether-congress-will/01/160255#M21535

</guid>

<dc:creator>xmasbaby0</dc:creator>

<dc:date>2019-06-01T11:39:06Z</dc:date>

</item>

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<title>Thank you for answering so quickly!</title>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/thank-you-for-answering-so-quickly/01/160256#M21536

</link>

<description>Thank you for answering so quickly!</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/thank-you-for-answering-so-quickly/01/160256#M21536

</guid>

<dc:creator>Millie-s-Mommy</dc:creator>

<dc:date>2019-06-01T11:39:07Z</dc:date>

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<item>

<title>

I don't understand something. Last year I paid $4K in mor...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-don-t-understand-something-last-year-i-paid-4k-in-mor/01/160258#M21537

</link>

I don't understand something. Last year I paid $4K in mortgage interest and it helped lower my due federal tax. This year, I paid about the same $4K in interest and nothing happens. The amount I owe in federal taxes doesn't change even if I put $0K in interest paid. (Box 1). Not sure I understand why this is happening.

</description>

<guid>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-don-t-understand-something-last-year-i-paid-4k-in-mor/01/160258#M21537

</guid>

<dc:creator>erico-munhoz</dc:creator>

<dc:date>2019-06-01T11:39:09Z</dc:date>

</item>

<item>

<title>

Many taxpayers are surprised this year because their item...

</title>

<link>

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/many-taxpayers-are-surprised-this-year-because-their-item/01/160260#M21538

</link>

Many taxpayers are surprised this year because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact. 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  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  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.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. Your standard deduction lowers your taxable income.  It is not a refund  2018 Standard Deductions: Single   $12,000  (+ $1600 65 or older) Married Filing Separately    $12,000  (+ $1300 65 or older) Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older) Head of Household  $18,000  (+ $1600 65 or older Look at line 8 of your Form 1040 to see your standard or itemized deductions.

</description>

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/many-taxpayers-are-surprised-this-year-because-their-item/01/160260#M21538

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2019-06-01T11:39:09Z</dc:date>

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