Mortgage Interest

[c130condon]

I entered $13,538 in mortgage interest and it only changed my refund by $57.  Does that seem correct?  Last year it made a bigger change in my refund.  My mortgage is several years old, primary residence, under $500,000.  Nothings changed.  Thanks for the help in advance.

[IsabellaG]

It could be correct, depending on what the rest of your itemized deductions were. The Standard Deduction for a single person is $12,000 this year, ($24,000 for Married, Filing Joint), and there no longer is a deduction for Personal Exemptions. Itemized deductions may not have the same effect on your refund this year.

[NCperson]

It is possible

If you are single , then $12,000 is standard so adding interest as noted only reduces taxable income by $1538

There is not enough other detail to determine why it’s only $57 but it is certainly possible

[c130condon]

Thanks Isabella,  Additional information is,  married filing Jointly,  $24,300 in deductions....

[c130condon]

Thanks,  Additional information is,  married filing Jointly,  $24,300 in deductions

[NCperson · Accepted solution]

from the addiitonal information, appears that TT was giving you credit for the standard deduction of $24,000 but then when you added the interest of $13,538, your itemized deductions exceeded your standard deduction by only $300, so your taxable income was reduced by that same $300.  $57 of tax on $300 is reasonable based on the information provided.