Why is Turbo Tax giving me a 15% federal tax benefit for my mortgage interest, but my marginal tax rate is 32%?

[SweetieJean]

What makes you think that it is? Ignore the refund meter until you are finished.

[Zbucklyo · Accepted solution]

I'm guessing that before you added the mortgage interest your itemized deductions were below your standard deduction, and afterwards your itemized deductions were above the standard deduction.  If so, you would only get a tax benefit to the extent that your itemized deductions exceed the standard deduction, and not for the full amount of mortgage interest.

[jeannebaker2010]

Thank you!  That sounds like the answer...very helpful.