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Question

Mortagage Interest or deductible Points

Forum|Forum|3 years ago
March 29, 2023
1 reply
18 views

I am working on my 2021 Taxes and when I enter the interest we paid and go through all the steps it does not reduce my tax liability. What am I doing wrong?

Alumni - Intuit

You must itemize to benefit from mortgage interest. If your standard deduction is more than your itemized deductions (which also includes property tax, state and local income tax or sales tax, charitable contributions, and medical expenses), TurboTax will automatically give you the standard deduction so you can get the biggest refund.

The 2022 standard deduction is:

$12,950 for single filers and those married filing separately
$25,900 for joint filers
$19,400 for heads of household.

For additional information check: Why didn't my mortgage or property taxes increase my refund?

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