Married joint Standard deductions

MDLo98 Member Posts: 3 Newcomer

My wife and I are both retired (same pension amount paid every year) and on social security. Do I need all of my paid interest forms ( mortgage, paid state property taxes) from the institutions exact amount (form 1099) or because of taking standard exemptions can amount’s be estimated?


Best Answer

  • KFine3325
    KFine3325 FreeTaxUSA Agent Posts: 45
    Answer ✓

    Mortgage interest & property taxes are itemized deductions. If your itemized deductions are less than the standard deduction, you don't need to worry about those forms.

    If you're not sure which deduction is higher in your situation, we do recommend gathering all documents and entering them when preparing your tax return & the software will use the highest deduction automatically.