My mortgage interest deduction is not being properly calculated from my taxes owed. It's $28,400 and I'm in a 35% bracket yet taxes only dropped by $3300. Any ideas?

That's just a 12% deduction and should be more like $7000. Not sure why it's not properly reflected in tax owed tally.

posted

Was it using itemized deductions before you entered the interest? Or the Standard Deduction? If it was using the Standard Deduction and it put you over the Standard Deduction you only get the benefit of the amount that put you over.

I'm trying to do home office summary and it says I qualify, but when I get to the end it says: "Before we calculate this deduction, we need to get your income info"

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My mortgage interest deduction is not being properly calculated from my taxes owed. It's $28,400 and I'm in a 35% bracket yet taxes only dropped by $3300. Any ideas?

My mortgage interest deduction is not being properly calculated from my taxes owed. It's $28,400 and I'm in a 35% bracket yet taxes only dropped by $3300. Any ideas?

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My mortgage interest deduction is not being properly calculated from my taxes owed. It's $28,400 and I'm in a 35% bracket yet taxes only dropped by $3300. Any ideas?

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My mortgage interest deduction is not being properly calculated from my taxes owed. It's $28,400 and I'm in a 35% bracket yet taxes only dropped by $3300. Any ideas?

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