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April 13, 2025
Question

mortgage interest not calculating even though I did it correctly

  • April 13, 2025
  • 1 reply
  • 0 views

My tax owed did not decrease for the first time ever when entering in my mortgage interest paid on a regular home, no refinancing and no equity line of credit. Should be simple. The loan is secured. I delted and reentered the 1098 several times. Is this happenign ot anyone else and can anyone help? Thanks!

    1 reply

    April 13, 2025

    Entering your mortgage interest will only change your tax when you have already entered enough itemized deductions to exceed the standard deduction. 

     

    Here are the standard deductions for 2024:

     

    • Single and Married Filing Separately taxpayers: $14,600
    • Married Filing Jointly taxpayers: $29,200
    • Head of Household: $21,900