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Tomsch
Returning Member

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

 
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7 Replies
DaveF1006
Expert Alumni

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

If Turbo Tax recognizes you are receiving a standard deduction on your WI return, the amount of mortgage interest will not appear on your Wisc. tax form even though you may have listed it in your return.

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Tomsch
Returning Member

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

Why not. It does recognize charitable contributions and includes on the state tax even though i used Fed Standard deduction. There is a line on the Wi tax form for mortgage interest stating its allowed even though you took fed standard deduction. I pay Turbo tax to give me all the deductions I am eligible for which should include Mortgage interest !

KrisD15
Expert Alumni

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

Wisconsin allows for an adjustment to Charitable Contributions, but not Home Mortgage Interest. 

Wisconsin adjustments

 

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Tomsch
Returning Member

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

If the mortgage interest is greater than the Wisc. standard deduction it should be used to calculate item deduction credit.

Tomsch
Returning Member

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

According to Wisc Schedule 1 it can be used in the itemized deduction calculation..

VictorW9
Expert Alumni

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

Without having access to your return, I would say that generally most state returns start with the transfer of the federal AGI to the state return. The AGI total has mortgage interest already accounted for, so you may not see any mortgage interest as a separate item in your state return. At times you will see adjustments to the AGI to arrive at your state AGI. 

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VictorW9
Expert Alumni

Why does Turbo not include mortgage interest on my Wisc. tax form as it is allowed for iemized tax credit even thouh taking federal standard deduction

Of course @Tomsch. I stand corrected. The schedule A deduction is subtracted from your AGI just as it is on the federal 1040. So did you use the standard deduction or did you itemized your deductions on your federal return? That may answer your question why you are not seeing the mortgage interest in your Wisconsin return. If you took the standard deduction, then you will not see a separate mortgage interest deduction or you will just see the totals of your deduction with some adjustments made to it.

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