topic I entered my mortgage interest deduction on my only home. There wasn’t any reduction in my taxes owed. Home was refinanced in 2015 under 700,00. in Deductions & credits

I entered my mortgage interest deduction on my only home. There wasn’t any reduction in my taxes owed. Home was refinanced in 2015 under 700,00.

bullshit1961 — Mon, 23 Feb 2026 12:43:27 GMT

$700,000.

Re: I entered my mortgage interest deduction on my only home. There wasn’t any reduction in my taxes owed. Home was refinanced in 2015 under 700,00.

xmasbaby0 — Sun, 12 Feb 2023 16:01:45 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 tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) 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. You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040.

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950 (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)

MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)

Legally Blind + $1750

Re: I entered my mortgage interest deduction on my only home. There wasn’t any reduction in my ta...

JulieS — Mon, 13 Feb 2023 13:41:42 GMT

Yes, even if your mortgage interest isn't limited, you don't always get a tax benefit from entering itemized deductions.

You refund won't change until your total itemized deductions are more than your standard deduction. TurboTax adds in your standard deduction early in the return.

The standard deduction is based on your filing status:
• Single is $12,950
• Married filing jointly is $25,900
• Head of household is $19,400