Post # 1
Hi Bees! I was just wondering if any of you Bees had any insight on my situation. Me and my hubby owe about 500.00 in federal taxes. We also own a home for about 3 years now. When I entered the housing information in, it didnt adj out refund at all, it didnt add to how much we owe, or take away what we already owe. Is this normal? Thanks Bees!!!
Post # 3
@mrsw5711: Have you always itemized in the past? Is the standard deduction this year perhaps high enough that it is more than your itemized deductions?
Post # 4
I agree with @sienna76:. If your itemized deductions weren’t more than the standard deduction then adding your mortgage interest and property tax wouldn’t change how much you owe or how much you get back.
Post # 5
@mrsw5711: You probably didn’t have enough to itemize so you took the standard deduction. I can’t remember what the standard deduction is, but you’ll need to come up with around 12,000 in expenses in order to itemize – things like mortgage interest expense, property taxes, donations, state income taxes, medical expenses above 7% (or maybe it was 7.5%) of your AGI, etc.
If you took that standard deduction, this does nothing to your refund/amount due.