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Form 1040-SS MS: What You Should Know

Form 1040, line 17, taxes 13,900 and the Brown couple would be taxed as follows: (25,300 – 20,450) + 3,200 = 4,000.  They would have to file Form 1040, line 6 to claim any 30 and 12,200 in credit. First, Form 1040, page 1 has instructions for 3,000 of tax credits. The tax is 20,450.  If the Brown couple itemizes their itemized deductions and itemizes their deduction amounts for expenses and expenses, they might be able to deduct their home mortgage interest and some home maintenance expenses. But they would have to deduct their mortgage insurance premium, property taxes and home real estate insurance premiums, interest on the home equity loan, and homeowners' insurance. If the Brown couple is able to deduct only mortgage interest on their home mortgage, some of these expenses may not be deductible. There are  many factors to consider. The home mortgage interest deduction is different for different mortgages. A person can only deduct part of the interest paid on the mortgage on his or her primary home.  The Brown couple must add interest paid to the mortgage after subtracting all other income. If the Brown couple lives apart and the mortgage payment is equal and reasonable, the couple is able to deduct mortgage interest. If the Brown couple lives apart as well as the amount of the mortgage payment is not equal and reasonable, the couple is not able to deduct mortgage interest. A person, including the Brown couple, may have an interest in property. See Tax Topic 546, Interest on a Partnership Interest. If the Brown couple does not have an interest in property, the Brown couple cannot deduct mortgage interest. When determining whether a person can deduct mortgage interest and the tax is not a part of the amount of income or gain, see Income and Gain Exclusion for Interest, earlier. Mr. and Mrs. Brown may be required to pay additional taxes. These additional amounts will usually be assessed at rates that are higher than the tax rates on net incomes reported on Form 1040, line 3. Mr. and Mrs. Brown's tax rate will probably be 26.3 percent or higher (26 and 25 percent).

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