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Employee
July 4, 2020
Question

Hi, I have already filed and I have selected Standard deduction without verifying form 1098, How can I now verify if I use form 1098 will give more tax return?

  • July 4, 2020
  • 1 reply
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How can I now find out after filing that my Itemized or Standard deduction will be better using form 1098?

1 reply

Hal_Al
Employee
July 4, 2020

If the total of your mortgage interest and real estate taxes is less than $12,200 ($24,400 married), you will get no more tax return by "using form 1098". 

 

UNLESS, you have additional itemized deductions, primarily charitable contributions and/or medical deductions exceeding 7.5% of AGI.

 

BUT, I note that you are asking the question, in the education section.  Are you asking about form 1098-T and not form 1098?  If so, the 1098-T can be claimed in addition to the standard deduction.  That is, you may claim an education credit or deduction regardless of whether you itemize deductions or use the standard deduction.