Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
marc6
New Member

Entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?

I entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?
1 Best answer

Accepted Solutions
Marketstar
Level 7

Entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?

The default setting on the refund meter is your Standard Deduction. Until the sum total of your itemized deductions (ie. medical, mortgage interest, property taxes, charitable giving, ct) exceed your Standard Deduction, you will not see a change on the refund meter.

2017 Standard Deductions.

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly    $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)

Possibly, when you entered your mortgage interest and property expense, the sum total was just enough above your Standard Deduction to show an increase of $143.

Once your itemized deductions were above your Standard Deduction, you got the full tax benefit of $120 for your Home Equity interest.


View solution in original post

3 Replies
Marketstar
Level 7

Entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?

The default setting on the refund meter is your Standard Deduction. Until the sum total of your itemized deductions (ie. medical, mortgage interest, property taxes, charitable giving, ct) exceed your Standard Deduction, you will not see a change on the refund meter.

2017 Standard Deductions.

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly    $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)

Possibly, when you entered your mortgage interest and property expense, the sum total was just enough above your Standard Deduction to show an increase of $143.

Once your itemized deductions were above your Standard Deduction, you got the full tax benefit of $120 for your Home Equity interest.


marc6
New Member

Entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?

This anwswer was helpful and makes sense. Thank you very much Vince.
Marketstar
Level 7

Entered $11,100 in Mort. Int. & Property Tax and saw my refund go up $143. But when I add $800 in a Home Equity Int. it goes up $120. What gives?

Your welcome, and thanks for choosing Turbotax

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v