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usarnolds
New Member

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

I can see that entering mortgage interest as a charitable deduction might work if it was a relatively small amount, but not if the mortgage interest is as much as $20,000, which it might be in my case. The charitable contribution deduction rules would cap this out. Are there other options beside downloading the 2017 full product and using the "What If" functionality?

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Critter
Level 15

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

Probably not going to happen and to make 2018 estimates you really need to use the fully operational 2017 downloaded program in the FORMS mode it has the What-If tool with the next year's option.

But for right now, you can simply add the mortgage interest as a charitable contribution so the Sch A will play out enough for what you need now.

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7 Replies
TaxGuyBill
Level 9

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

"The charitable contribution deduction rules would cap this out"

Are you saying your AGI is less than $40,000 (I think the program is still using the old 50% limitation)?  If so, you should still be able to get your Estimated Tax payment to be pretty close to what you need, as your income tax will be very low (or possibly none at all).
Critter
Level 15

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

Probably not going to happen and to make 2018 estimates you really need to use the fully operational 2017 downloaded program in the FORMS mode it has the What-If tool with the next year's option.

But for right now, you can simply add the mortgage interest as a charitable contribution so the Sch A will play out enough for what you need now.

View solution in original post

usarnolds
New Member

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

Size of mortgage ($20K) would make entering it as a charitable contribution not a viable solution.
Critter
Level 15

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

Why ?   Is your income less than $40K ?
xmasbaby0
Level 15

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

How could you pay $20k in mortgage interest on an income of less than $40k?
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
usarnolds
New Member

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

Apologies, not an issue with this year's income. Does tax bracket limit the value of the deduction if entered as a charitable cash contribution as you kindly suggest, or is the full value of the mortgage interest deduction obtained if entered this way?
Critter
Level 15

Can you put out a skeleton mortgage interest deduction form now so that I can calculate my final estimated tax payment due on 1/15?

No the tax bracket doesn't limit which is why I suggest the temporary work around for estimation purposes only if you cannot wait for the Sch A to be operational.
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