Question

1098 mortgage question

Forum|Forum|4 years ago
February 3, 2022
1 reply
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My spouse and I file MFS to help reduce student loan monthly payments. Since we both have to take the same deduction type (Standard or Itemized) if taking the standard deduction would I need to enter in the 4 1098's I received? For reference the loan on our old house was sold to a new lender, then we sold that house, and bought a new one which also changed hands. If I'm reading the tax publications correctly, I shouldn't need to actually input any of that data into TT because I'm not itemizing. Is that correct?

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Mike9241

maybe. if you have no state return that's correct. some states don't require the same method that's used for federal. itemizing may produce a lower tax. it you tell us which state, if you have a state income tax, we can advise you further.

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melloyello8787Author

My state is Utah and if I recall correctly they do require the same filing status as federal. I try to run multiple tax scenarios because it's turbo tax and it lets me do so. By itemizing on mine, my deductions are over 15K but my spouse is just barely over 3k. When we both take the standard deduction it generates lower tax for me, higher for her and combined higher refunds.