Question

deductions

Forum|Forum|6 years ago
May 11, 2020
1 reply
0 views

I just completed my tax return and ended up owing a bunch of money> I could only deduct my mortgage and the standard deduction> Is there something I missed. My status is three married

VolvoGirl

Employee

You can't deduct both the mortgage interest and Standard Deduction. It's either one or the other. You get the Standard Deduction or your Itemized Deductions (which includes mortgage INT) whichever is more.

The Standard Deduction for Married Joint is 24,400 plus 1,300 for each spouse 65 or older.

A

ajc2000Author

Just to clarify, I am using the standard deduction. I looked back at my 2018 return and the income, taxes and deductions are within $200 of my 2018 return. the program calculated my tax owed to be three times as high than 2018.

Critter

Employee

Yes ... but you did not mention the withholdings ... how much did they change ? Or credits ? Compare the returns side by side ... every section (since the lines will not line up due to the form changes).