Mortgage Deduction Question

[PsyOps]

I've used TaxCut for years. Every year I claim my mortgage interest (1098) and it has always resulted in a larger refund. This year, for some reason, when I apply my mortgage deduction my refund drops significantly rather than going up.

Can any of you tax experts explain why this is happening? I'm thinking it could be a glitch in the software.

 

[PsyOps]

Please disregard this thread.

 

[clockaleanie]

Please disregard this thread.

Let me guess, you were putting in interest received? I've done that!

 

[PsyOps]

Let me guess, you were putting in interest received? I've done that!

Nope. In the upper right it Taxcut gives you a running tally of what you either owe or will get in return. Initially it shows an amount (I'll say $3,000), and I didn't read that it said I owed that back. I assumed it said I would get that in return. When I entered in the mortgate interest deduction it went from $3,000 to $1,000. So I thought I was getting less in return. But it said I owed $3,000 and it jumped to $1,000 in return.

Like I said...

 

[struggler44]

Nope. In the upper right it Taxcut gives you a running tally of what you either owe or will get in return. Initially it shows an amount (I'll say $3,000), and I didn't read that it said I owed that back. I assumed it said I would get that in return. When I entered in the mortgate interest deduction it went from $3,000 to $1,000. So I thought I was getting less in return. But it said I owed $3,000 and it jumped to $1,000 in return.

Like I said...

Enter the amount twice and you should get a refund

Did ours yesterday.....yay

 

[Gilligan]

I'm thinking it could be a glitch .

Looks like you were right.

 

[PsyOps]

Looks like you were right.