If I own my home and I didn’t receive my tax information, should I still submit my taxes?

[falisa81z]

The loan office said that the tax forms should be done on the 31st. Can I get more funds adding my home information?

[leeloo]

You should always wait to file until you have all your information. If you are already itemizing, your interest will probably help you. If you know an approximate amount, you can enter it to see if it helps. If so, then wait for the actual document so you don't have to amend.

[DMarkM1]

It depends.  Home mortgage interest paid as well as real estate taxes paid are itemized deductions.  If your total itemized deductions exceed your standard deductions (see below) then your taxes will be reduced.  Typical itemized deductions are home mortgage interest, state/local taxes paid (max 10,000), medical expenses paid out of pocket and charitable donations.  

TurboTax will assist you in selecting the best option after you input all the possible deductions you have.  As leeloo mentions simply click through all the deduction topics to help you get familiar with what is possible and enter any that apply to you.  You can enter an estimate to get an idea ahead of receiving your tax forms from your lender.

Here are the standard deduction amounts for tax year 2022.  

Single or Married Filing Separately                                                                   $12,950

Married filing jointly or Qualifying surviving spouse                                     $25,900

Head of household                                                                                              $19,400