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Old 02-23-2018, 04:09 PM
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Standard Deduction

When I did Turbo Tax it says the Standard deduction is best for us. We got married last year and filed married jointly. We also have 12 months of mortgage interest and property taxes. We are in the 25% tax bracket. Our mortgage interest didn't count for anything because the standard deduction is higher. We each made the same income as last year, but now it is combined and we have mortgage interest as well which we only had for one month in 2016. Our refund came out the same as the previous year.....we thought it would be more because of the mortgage interest we paid. Should it be the same amount as 2016 refund with the different things marriage and house?



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Old 02-24-2018, 04:44 AM
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I guess aaslongas you itemized deduction is larger than your std deduction then it might be. If you want to save on your taxes, you should take the biggest deductions you can. Most people take the standard deduction, unless itemizing deductions will give them a larger tax break; Though I suppose it's theoretically possible that you could receive same refund amount , it's extremely unlikely;
,however, your itemized deductions might total less than your standard deduction. If so, you can still itemize deductions on Sch A of 1040 rather than claim the standard deduction. You might want to do this if you?d pay less tax. This can happen if you itemize on your state return and get a larger tax benefit than you would if you claimed the standard deduction on your federal return.



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