Andrew K asked:
I am filling out both HR blocks and Turbo Tax’s online taxes and I noticed that the return amount didnt go up with either one when I add the amount of mortgage interest I paid this year. Why is that? Also, why is HR blocks return higher with the same exact information?
I am filling out both HR blocks and Turbo Tax’s online taxes and I noticed that the return amount didnt go up with either one when I add the amount of mortgage interest I paid this year. Why is that? Also, why is HR blocks return higher with the same exact information?
If you are single, you must have more than $5350 in itemized deductions to see a difference.
If Turbotax and Taxcut gave you different answers, I’d say it’s operator error. The companies word their questions differently and it’s easy to answer yes on one and no on the other….
your standard deduction is probably higher than your mortgage interest, if you can’t itemize over the standard deduction – the mortgage interest, charity, health, etc on schedule A are worthless
Are you itemizing deductions correctly? If so, the software must be saying that the standard deduction is more beneficial for you than itemizing.