Why no credit on tax return for mortgage interest?

I just finished doing my taxes on Turbo Tax. Before entering my one mortgage payment (we bought the house at the end of last year), I owed $568 to the feds. I thought that entering the amount of mortgage interest I paid ($1541.02) would somewhat off-set what I owed. However, it did not change the amount at all. WHY?Why no credit on tax return for mortgage interest?
In order to Itemize and take your mortgage interest you must have enough itemized deductions to exceed the standard deduction (10700 for married filing joint or 5350 for single)Why no credit on tax return for mortgage interest?
you have to itemize your deductions on a separate page and this will reduce your taxable income by $1541.





$1541 x your tax rate = your federal savings.
It is a matter of personal deductions verses itemized deductions. Sometimes you win, sometimes you don't.
That isn't very much in interest! There are two ways to file taxes, taking the ';standard'; deduction or itemizing deductions. You can take a deduction for the mortgage interest only if you itemize. You should figure the taxes BOTH ways, and take the way which does the best for you. I am almost at a point in my mortgage where it will will be a toss-up this year as to which will be better for me, take the standard or itemize, because I am only a few years from paying off my house and the further along you go in a mortgage, the more of each payment goes toward the balance left and the less goes to interest.
Mortgage interest deduction is available as itemized deduction. When you itemize, then you don't get standard deduction. So you will itemize only when your itemized deductions are more than standard deduction.





In your case, your itemized deductions are less than the standard deduction. So you only get standard deduction.
depends on the tax bracket and your income, perhaps the standard deduction is higher than your itemizzed amount, try that. one month of mortgage payment might not have done much for u but next year will, check the standard deduction amount against your itemized amount and use the one that is higher