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Why does it say that i get a $24,000 deduction for mortgage, but this number is not reflected in the refund amount?
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24,000 is the Standard Deduction this year. It’s a good thing. Everyone gets the Standard Deduction unless their Itemized Deductions are more. It is subtracted off your income before the tax is calculated so you get taxed on a lower amount. It means the first 24,000 of your income is tax free.
For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind
For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind
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