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carreca
Returning Member

Amending from Standard deduction to itemized deductions on a basic 1040 (married filing jointly)

 I didn't do a thorough job of collecting my documents as I missed reporting 2021 mortgage interest of $1,100 (as well as $45 of earned interest). With this amendment, I will be only $55 shy of the Standard Deduction ($27,800).   How much of a difference will it make if I search for additional expenses, charitable contributions and any other itemized deductions to push me over the $27,800 limit?  For example, if I found $28,000  total itemized deductions, would it be an additional $200 refund or more??  

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1 Reply
rjs
Level 15
Level 15

Amending from Standard deduction to itemized deductions on a basic 1040 (married filing jointly)

Additional deductions are subtracted from your taxable income. They are not directly added to your refund. How much of a difference it makes depends on what tax bracket you are in. For example, if you are in the 22% tax bracket, an additional $200 of deductions (above the standard deduction) will increase your refund by 22% of $200, which is $44.

 

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