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kiara9-
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I pay mortgage on my home its in my name do i have to file it will i be getting anything back from filing it

 
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Coleen3
Intuit Alumni

I pay mortgage on my home its in my name do i have to file it will i be getting anything back from filing it

No, you are not required to take any Itemized Deductions. The only way to know if it helps you is to plug it in and see if it adds up to more than the Standard Deduction. If you have a mortgage, you probably have property taxes as well. You may have charity or job expenses to add too.

The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.

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2 Replies
Coleen3
Intuit Alumni

I pay mortgage on my home its in my name do i have to file it will i be getting anything back from filing it

No, you are not required to take any Itemized Deductions. The only way to know if it helps you is to plug it in and see if it adds up to more than the Standard Deduction. If you have a mortgage, you probably have property taxes as well. You may have charity or job expenses to add too.

The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.

I pay mortgage on my home its in my name do i have to file it will i be getting anything back from filing it

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2017.  You should have a 1098 from your mortgage lender that shows this information.

https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement

STANDARD DEDUCTION

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, job-related expenses, casualty and theft losses, for example, must meet thresholds that are 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. Here are the Standard Deductions for 2017

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

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)


**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.**
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