@bailey-todd57 Hope you are using 2021 software. You cannot use the online program for a 2021 return. Online is only for 2022.
Go to Federal> Deductions and Credits> Your Home
to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2021. You should have a 1098 from your mortgage lender that shows this information. Lenders send these in January/early February.
HOMEOWNERSHIP DEDUCTIONS
It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher. Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.
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, for example, must meet a threshold that is 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. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
2021 STANDARD DEDUCTION AMOUNTS
SINGLE $12,550 (65 or older + $1700)
MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)
MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)
HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)
Legally Blind + $1350
**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.**
