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Started By
Message
Tax Question
Posted on 1/25/22 at 6:49 pm
Posted on 1/25/22 at 6:49 pm
I have all of my stuff now except for my 1098 mortgage interest form. If I always qualify for the standard deduction can I go ahead and to my taxes without it?
12
Posted on 1/25/22 at 6:50 pm to RandySavage
Absolutely. $3.50
Posted on 1/25/22 at 6:52 pm to RandySavage
Are you conservative? If you are conservative, you don't get any of those deductions under this administration.
Posted on 1/25/22 at 6:53 pm to RandySavage
I haven’t been able to top the standard deduction with itemizations (including mortgage interest) since the Trump cuts took effect. And unless your mortgage is astronomical you probably can’t either.
Posted on 1/25/22 at 6:54 pm to RandySavage
Yes.
$35.00
$35.00
Posted on 1/25/22 at 6:57 pm to TheHarahanian
quote:
I haven’t been able to top the standard deduction with itemizations (including mortgage interest) since the Trump cuts took effect. And unless your mortgage is astronomical you probably can’t either.
Yea, I don't think I can top it but I just want to know if I can go ahead and file without that info or if that will flag me even if it has nothing to do with the ultimate outcome.
Posted on 1/25/22 at 7:04 pm to RandySavage
I would wait. You can call your mortgage lender and ask for an expedited copy or digital copy. I don't like giving the IRS any reason to look harder at a tax return, and omitting something from a previous year is a way to get attention. That said, the IRS is extremely understaffed and the chances of being audited over this is zero.
Posted on 1/25/22 at 8:01 pm to RandySavage
I haven't done my taxes in over 10 years, but I'm almost certain you don't have to list or prove any potential itemizations if you take the standard deduction.
Posted on 1/25/22 at 8:26 pm to RandySavage
Yes. However if you want to check, most mortgage companies have a copy of your Form 1098 on their website.
Posted on 1/25/22 at 8:47 pm to kciDAtaE
Has anyone gotten their form 6419? Is the amount in Box 1 just the total amount you received over the last 6 months?
Posted on 1/25/22 at 8:48 pm to RandySavage
Hey, man, you got one freebie. This ain't H&R Block.
Posted on 1/25/22 at 8:52 pm to GRTiger
quote:
I haven't done my taxes in over 10 years,
Posted on 1/25/22 at 8:53 pm to RandySavage
I see no reason to wait. Getting enough deductions to top the standard deduction is damn near impossible now and if you don’t itemize, you don’t have to show proof of any 1098 because they don’t figure into your calculations.
Posted on 1/25/22 at 8:58 pm to RandySavage
You probably won’t need to itemize if you have never before and financial circumstances haven’t materially changed, and a fixed rate mortgage has less interest each payment so you will have less interest each year.
Regardless, you don’t need the form, you just need a year end statement or add your monthly statements up. Or estimate it in the software to see if it lets you itemize. If it doesn’t, move on.
Regardless, you don’t need the form, you just need a year end statement or add your monthly statements up. Or estimate it in the software to see if it lets you itemize. If it doesn’t, move on.
Posted on 1/25/22 at 9:00 pm to RandySavage
Yes
Posted on 1/25/22 at 9:10 pm to The Nino
quote:
I would wait. You can call your mortgage lender and ask for an expedited copy or digital copy. I don't like giving the IRS any reason to look harder at a tax return, and omitting something from a previous year is a way to get attention. That said, the IRS is extremely understaffed and the chances of being audited over this is zero.
That is not how it works lmao. A human is not looking at your tax return.
It's all processed by a computer and matched to their records.
The IRS DGAF about you not itemizing your interest.
If you are married, you likely are not close to itemizing anyway.
Posted on 1/25/22 at 9:41 pm to RandySavage
Not sure what state you're in, but it may help on your state tax return. I'm in AL where the standard deduction is only $4000, so it's easy to itemize on the AL return and use the standard deduction on the Federal.
Posted on 1/25/22 at 10:06 pm to RandySavage
You can file without it. No sense in holding up your return for it if it won’t benefit you (especially if you’re getting a refund). It won’t flag you either. The IRS isn’t going to come after you for not taking a deduction.
I’m a CPA who specializes in taxes.
I’m a CPA who specializes in taxes.
This post was edited on 1/25/22 at 10:08 pm
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