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January 14, 2021
Question

This year when I put in my mortgage interest and Refinancing 1098 information I did not get any tax break. Can someone explain to me why that is?

  • January 14, 2021
  • 1 reply
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DoninGA
Employee
January 14, 2021

Those items are entered on Schedule A as itemized deductions.

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2020

  • Single - $12,400 add $1,650 if age 65 or older
  • Married Filing Separately - $12,400 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,650 add $1,650 if age 65 or older
fanfare
Employee
January 15, 2021

The SALT deduction has been limited and that makes it hard to itemize.

As a homeowner, you may have heard about it.