Mortgage interest is not being calculated

[shiggins15]

When I enter my mortgage interest info it is not calculating on the tax owed meter - nothing happens.

I am qualfied for it, no refinancing and I meet all  the requirements and loan is secured and all of htat - I have rread a lot of other posts about this problem.

But mine is simple and I'm not getting the deducting. Just a simple home purchase with no equity or refinancing. Got the deduction last year, it showed on the meter. This year - nothing!

Can anyone help me??

I thought my taxes would only take a little timebecuase I have everything all ready but now this glitch is delaying me - I will not accept this glitch and just pay extra!

SAME thing happens when I get to the standard decuction part! It says congratulations you get the standard deduction and get a huge tax break. But then nothing happens on the meter.

Confused - can anyone help?

Thank you!

SMH

[MindyB]

You have qualified for the standard deduction, so that amount will be used in the computation of tax until you've entered enough itemized deductions to exceed the standard deduction.  

Meaning, the deductions will not change the meter until they are over the threshold.  The standard deduction is $29,200 for a joint return and $14,600 for a single person.  Once your itemized deductions are more than that, the meter will change with each additional allowable expense.

Here is an article you may find helpful: Standard Deduction vs. Itemized Deductions: Which Is Better?

[shiggins15]

Thank you for the reply! My itemized deductions are way more than the standard deduction. So this still does not make sense to me :(

[shiggins15]

This is the first time this has ever happened in my life so this does not make sense to me. I've always claimed the standard deduction yet the meter always went down for the mortgage interest. I'm completely lost here and afraid to file at all - this does nto seem right. 

[LindaS5247]

If you claim the standard deduction there is no deduction for your mortgage interest. Mortgage interest can only be deducted when you itemize your deductions.

You can try manually switching to itemized deductions. This worked for someone else that I helped with a similar situation.

If you are using TurboTax Online to switch to Itemized Deductions from the Standard Deduction you will do the following:

1. In your left panel scroll down to "Tax Tools"
2. Click on "Tools"
3. Click on the box "Topic Search"
4. In the Box "I'm looking for:" type in "standard deduction"
5. This will take you to the page "Based on what you told us..."
6. Here you can change your deduction by clicking the box "Change my Deduction"

If you are using TurboTax Desktop to switch to the Standard Deduction you will do the following:

1. Go to "Federal Taxes" tab in the gray bar at the top of your screen
2. Select the "Deductions & Credits" tab (under Federal Taxes in the gray bar at top of your screen
3. Click on "I'll Choose What to Work On"
4. Select "Continue" at the bottom of page
5. Select "Continue" on the next page that says "Let's Check Your Deductions and Credits"
6. Select "Continue"  on the next page that says "Here Are Your 2024 Deductions & Credits"
7. The following page will give you the opportunity to change your deduction by clicking on the box "Change my deduction"

You could also try deleting your Form 1098's and re-entering them. Sometimes this works. Also, you must answer the question, "Is this loan secured by a property of yours?" as "Yes" in order for your mortgage interest to be included.

You can get back to your entry screens in TurboTax for Mortgage Interest to check that your entries are correct as follows:

1.  Click on "Search" (magnifying glass) at the top right of your screen and 
2. Type "1098" in the search bar. ‌
3. Click on "Jump to 1098."  This will allow you to review your entries for your mortgage interest from Form 1098 and delete your Forms 1098.

Click here for "Where do I enter my 1098 mortgage interest statement?"

Click here for additional information on the Mortgage Interest Deduction

Click here for additional information on mortgage interest.