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oukelseyrae
New Member

If I filed a simple form with no itemizations but bought a home, can I amend and recover my interest and property taxes? THE INTEREST AND TAXES IS WELL OVER $6,500

 
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Anita01
New Member

If I filed a simple form with no itemizations but bought a home, can I amend and recover my interest and property taxes? THE INTEREST AND TAXES IS WELL OVER $6,500

It's unlikely you will have enough to itemize your deductions as the total of all your itemized deductions would have to exceed the standard deduction, which is $12,000 for a single person this year.  You don't recover your deductions.  They lower your taxable income and you may receive back some of the tax you paid on the higher taxable income.  For example if your itemized deductions totaled up to $13, 000, you would receive back the tax you paid on $1,000 dollars (amount by which your itemized exceeded your standard deduction.  At a 12% tax rate, your refund might increase by $120.  It also depends on how much tax you already paid in.  If you are already getting back what you paid in , meaning Box 2 on your W-2, you won't get anymore back.

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Anita01
New Member

If I filed a simple form with no itemizations but bought a home, can I amend and recover my interest and property taxes? THE INTEREST AND TAXES IS WELL OVER $6,500

It's unlikely you will have enough to itemize your deductions as the total of all your itemized deductions would have to exceed the standard deduction, which is $12,000 for a single person this year.  You don't recover your deductions.  They lower your taxable income and you may receive back some of the tax you paid on the higher taxable income.  For example if your itemized deductions totaled up to $13, 000, you would receive back the tax you paid on $1,000 dollars (amount by which your itemized exceeded your standard deduction.  At a 12% tax rate, your refund might increase by $120.  It also depends on how much tax you already paid in.  If you are already getting back what you paid in , meaning Box 2 on your W-2, you won't get anymore back.

View solution in original post

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