turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

WJT52
New Member

Mortgage interest

I am filing jointly with a 9250 mortgage interest from my 1098.

When I put it in it only gives me a deduction of about $200.

Does this sound right?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Mortgage interest

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income.  It is not a refund 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $16,50 65 or older)

Married Filing Separately                   $12,200   (+ $1650 if 65 or older)

Married Filing Jointly         $24,400   (+ $1300 for each spouse 65 or older)

Head of Household           $18,350  (+ $1650 for 65 or older)

 

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question