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February 3, 2025
Question

will a form 1098 change the refund amount if I am taking the standard deduction?

  • February 3, 2025
  • 1 reply
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mortgage interest is 7,977. Standard deduction for us is around 21,000. We do have child tax credit

    1 reply

    February 3, 2025

    The interest reported on Form 1098 is deductible as an itemized deduction on Schedule A.  In order to itemize the total of your deductions needs to exceed the amount of your standard deduction.  If you are filing Head of Household, the standard deduction is $21,900.  If your mortgage interest is $8,000, and you have $10,000 (the cap for itemized deductions) in state and local tax, then you would need at least $3,000 of additional deductions from charitable gifts, medical expenses, or additional interest deductions in order to itemize.  

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