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?
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.
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.
This anwswer was helpful and makes sense. Thank you very much Vince.