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It looks like my mortgage interest deduction was removed - but the remaining loan is less than $150K and it is from 2012 - Shouldn't I still have a deduction?

 
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It looks like my mortgage interest deduction was removed - but the remaining loan is less than $150K and it is from 2012 - Shouldn't I still have a deduction?

Mortgage interest is only one of many itemized deductions reported on a Schedule A.

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2018

  • Single - $12,000 add $1,600 if age 65 or older
    Married Filing Separately - $12,000 add $1,300 if age 65 or older
    Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
    Head of Household - $18,000 add $1,600 if age 65 or older

It looks like my mortgage interest deduction was removed - but the remaining loan is less than $150K and it is from 2012 - Shouldn't I still have a deduction?

Yes all are above the standard limit

 

It looks like my mortgage interest deduction was removed - but the remaining loan is less than $150K and it is from 2012 - Shouldn't I still have a deduction?

Did you enter the Lender for the mortgage and the interest reported on the Form 1098?  

Download the PDF of your tax return to include all worksheets using Print Center, if this is for a 2018 tax return.  The Mortgage Interest Statement will be included.

Does your tax return include a Schedule A?  There would also be a Home Mortgage Interest Worksheet for the lender included showing the amount entered on Schedule A Line 8.

 

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.  Add a State 2018.JPG

 

 

This will take you back to the 2018 online tax return.

 

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

 

 

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