Question

My mortgage lender is asking me for my schedule A. If I took the standard deduction do I get a schedule A? And if I do, how do I get it?

Forum|Forum|5 years ago
April 5, 2021
3 replies
0 views

No text available

TurboTax Deluxe Online

Employee

If you have the standard deduction entered on your federal tax return, Form 1040, there will not be a Schedule A included with your tax return.

macuser_22

Employee

There is only a schedule A if you has enough deductions to exceed the stranded deduction. If not, then schedule A does not exist.

(It seems that mortgage lenders are clueless about taxes.)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Carl11_2

Employee

Either find another loan officer, or if you want you can educate the loan officer you're dealing with now.

Refer them to IRS Publication 17, page 91, third column "Who should itemize" at https://www.irs.gov/pub/irs-pdf/p17.pdf where it states: You should itemize deductions if your total deductions are more than your standard deduction amount.

So if your standard deduction was higher than your itemized deductions, a SCH A was not required. Therefore, the TTX program did not generate the form.