Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
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: 
AppleSneak
New Member

I received two 1098 forms from my mortgage lenders. I entered them in. Do I deduct my mortgage interest for the year also or does my 1098 do that also.

I paid $6500 in interest, but my refund went up by barely $200.
1 Best answer

Accepted Solutions
VolvoGirl
Level 15

I received two 1098 forms from my mortgage lenders. I entered them in. Do I deduct my mortgage interest for the year also or does my 1098 do that also.

Don't enter it again.  That's what the 1098 is for.  

If you are able to itemize (meaning all your itemized deductions are more than the standard deduction) you just get a percentage of your deductions back. Like if you are in the 25% tax bracket for a $100 deduction you will get $25. It isn't added on to your refund. Deductions reduce your income so you get taxed on a lower amount.

Plus TurboTax starts off using the Standard deduction, so until your Itemized Deductions are higher than the Standard deduction your refund would not change.  Or it will just change a little at a time as you increase your deductions over the standard amount.

For 2016 the standard deduction amounts are:
Single 6,300 + 1,550 for 65 and over
HOH 9,300 + 1,550 for 65 and over
Joint 12,600 + 1,250 for each 65 and over  
Married filing Separate 6,300 + 1,250 for 65 and over

View solution in original post

1 Reply
VolvoGirl
Level 15

I received two 1098 forms from my mortgage lenders. I entered them in. Do I deduct my mortgage interest for the year also or does my 1098 do that also.

Don't enter it again.  That's what the 1098 is for.  

If you are able to itemize (meaning all your itemized deductions are more than the standard deduction) you just get a percentage of your deductions back. Like if you are in the 25% tax bracket for a $100 deduction you will get $25. It isn't added on to your refund. Deductions reduce your income so you get taxed on a lower amount.

Plus TurboTax starts off using the Standard deduction, so until your Itemized Deductions are higher than the Standard deduction your refund would not change.  Or it will just change a little at a time as you increase your deductions over the standard amount.

For 2016 the standard deduction amounts are:
Single 6,300 + 1,550 for 65 and over
HOH 9,300 + 1,550 for 65 and over
Joint 12,600 + 1,250 for each 65 and over  
Married filing Separate 6,300 + 1,250 for 65 and over

About Community

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

3.48m
Members

2.6m
Discussions

Manage cookies
v