Married joint Standard deductions
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
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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.
Answers
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Thanks I was wondering if I could put in estimate based on prior year deductions which NEVER add up to married joint standard deduction amounts,
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Sometimes your state will use itemized deduction amounts you enter in the federal portion of the software, so we recommend entering the correct amounts to be safe. You're welcome to enter estimates & then remove them if you decide not to itemize your deductions so that there isn't any issue.
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Thanks I was wondering if I could put in estimate based on prior year deductions which NEVER add up to married joint standard d
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No, you need actual numbers. The information is also provided to the IRS for cross reference.
