Should I Pay Off My Mortgage Early? Why the Answer Is a Capital-Allocation Question, Not a Debt-Feeling One

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There is no single right answer, and anyone who gives you one without knowing your loan, your savings, and your tax picture is guessing. Whether paying off a mortgage early makes sense depends on your loan terms, how much liquid savings you have, whether more expensive debt is competing for the same money, whether investing the money might do more, and whether the mortgage actually produces a tax benefit for your household. This is written for homeowners who already have a mortgage and some surplus cash, and are trying to decide where that cash should go. The most useful first step is to pull your loan statement and find two things: your interest rate and whether your loan mentions a prepayment penalty.

Here is the shift that helps. Paying off a mortgage early is a capital-allocation decision — where to put a dollar — not a verdict on whether debt is good or bad. That distinction matters more than it sounds, because the feeling of debt can push people toward choices that cost them money.

Contents

The Pull of Paying Off Debt Is Real—and It Can Mislead

Debt gets under people’s skin. That pull is strong enough to change how people handle money, sometimes at their own expense. In a controlled experiment published in the American Economic Review, researchers found evidence of “debt aversion” and its negative effects on financial decisions: about one-third of participants neglected high returns and focused instead on paying down debt, and borrowing to invest was 50 percent less likely when it led to being in debt (Martínez-Marquina & Shi). These findings describe an association observed in a study population — an experimental one, at that. They do not tell you what the right move is for your household, and they do not mean paying down a mortgage is a mistake.

What the research does usefully show is that the emotional weight of debt can crowd out the math. So the goal here is simple: treat the extra dollar as capital you are allocating, and compare the choices honestly.

Wanting less debt is not automatically a financial mistake. A full mortgage payoff removes a required principal-and-interest obligation, and some households may reasonably value the resulting reduction in fixed obligations or greater sense of financial security. The CFPB treats financial well-being as broader than a single wealth measure, including control over month-to-month finances, capacity to absorb shocks, progress toward goals, and freedom of choice. Research among older U.S. adults has also found mortgage debt associated with financial strain, although that observational evidence does not show that paying off a mortgage causes greater well-being for every household (PubMed). The useful distinction is between treating discomfort with debt as proof that payoff is financially superior and deliberately deciding that lower fixed obligations or greater financial security have value to you.

How Extra Principal Payments Actually Work

An extra principal payment shrinks what you owe, and a smaller balance accrues less interest going forward. That is the mechanical engine behind “paying off early saves interest.” According to the CFPB, the part of your payment that goes to principal reduces what you owe and builds equity, while the part that goes to interest does neither. Put extra money against principal and you cut the balance interest is charged on.

When making an extra payment, follow your servicer’s instructions for principal payments and check the next statement to confirm the extra amount was applied to principal as intended. CFPB advises borrowers making extra mortgage payments to make sure the additional amount is applied to principal rather than interest (CFPB).

For a fixed-rate mortgage that stays on its existing payment schedule, the interest reduction from an extra principal payment is substantially determined by the loan’s rate, balance, payment timing, and remaining term. An adjustable-rate mortgage is different: the balance still falls when you pay extra principal, but the exact future interest you avoid cannot be known in advance because the rate can reset with the loan’s index and margin (CFPB). When you actually go to pay the loan off in full, the CFPB notes that your payoff amount includes interest due through the day you pay, so the final figure is not identical to the balance on last month’s statement.

How long you expect to keep this mortgage matters. If you expect the loan to be paid off before its scheduled maturity — whether because you sell the home, refinance, or otherwise retire the debt — evaluate the interest savings from extra principal over that expected holding period rather than assuming the mortgage remains outstanding for its full remaining term.

Also ask whether the mortgage itself should change. If refinancing could materially lower your rate or otherwise improve the loan for your goals, compare that option before sending a large amount to principal. Include closing costs, points or lender credits, the new loan term, and how long you expect to keep the replacement mortgage — not just the new monthly payment. CFPB notes that refinancing replaces the existing mortgage with a new loan and that borrowers should compare upfront costs with future interest costs over the period they expect to keep the loan (CFPB; CFPB).

A useful way to hold it: extra principal always reduces the balance on which future interest can accrue. With a fixed rate, the resulting interest savings are far more predictable; with an ARM, the direction is clear but the exact amount depends partly on future rate resets.

Extra principal and a full payoff do not have the same cash-flow effect. A partial principal payment reduces the balance and future interest, but it generally does not by itself reduce the required monthly principal-and-interest payment. For eligible loans, a servicer may permit a mortgage recast after a substantial principal reduction, which re-amortizes the lower balance over the remaining term and can reduce the required monthly payment (Fannie Mae). Check with your servicer to determine whether your loan permits a recast and under what conditions.

A full payoff eliminates the mortgage principal-and-interest obligation, but it does not eliminate the other costs of owning the home. Property taxes continue, and homeowners insurance — if you maintain it — must be paid directly once it is no longer handled through mortgage escrow. Other ownership costs, such as maintenance, also remain. CFPB explains that escrow accounts commonly pay property taxes and homeowners insurance, while homeowners without escrow pay those expenses directly (CFPB).

If you currently pay borrower-paid private mortgage insurance (PMI) on an eligible mortgage, extra principal can sometimes create another benefit. CFPB says that for covered loans, a borrower may request PMI cancellation earlier if additional principal payments reduce the balance to 80 percent of the home’s original value, subject to requirements such as a written request, satisfactory payment history, current status, no junior liens, and possibly evidence that the property’s value has not declined (CFPB). FHA mortgage insurance and lender-paid mortgage insurance follow different rules. VA-backed loans generally do not require monthly mortgage insurance, although a one-time VA funding fee may apply (VA).

Check for a Prepayment Penalty Before You Do Anything

Some loans charge you for paying early, and that fee can eat into or erase the benefit. A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early, per the CFPB. Typically it only applies if you pay off the entire balance — because you sold or refinanced — within a set number of years, usually three or five, and in some cases it can apply if you pay off a large amount all at once. The CFPB adds that penalties do not normally apply when you pay extra principal in small chunks, but says to double-check with your lender.

There is a wrinkle worth knowing. These fees can hit hardest on adjustable-rate loans where someone wants to refinance before the rate climbs, and the CFPB notes that some fixed-rate mortgages carry prepayment penalties too (CFPB). Many states have laws limiting the amount or duration of these penalties, so the rules vary by where you are.

None of this tells you whether your loan has a penalty. Only your loan documents or your servicer can. Find that out before you send a large payment, because a penalty changes the arithmetic before you even get to the comparison.

Liquidity Comes First

Cash you can reach in a hurry protects you in ways home equity cannot. The reason to name this first is that a lot of households are thin on it. Using 2016 Survey of Consumer Finances data, the Federal Reserve found that nearly one-quarter of families had less than $400 in available liquidity, and about 60 percent did not have a liquid cushion of at least three months of expenses. More recently, the Fed’s report on households in 2025 found that 55 percent of adults said they had set aside three months of expenses in a rainy-day fund — down from a high of 59 percent in 2021 (Federal Reserve).

Why does this come before extra mortgage payments? Because running short on cash has consequences. The CFPB notes that people who struggle to recover from a financial shock have less savings to protect against the next one, and may lean on credit cards or loans — debt that is generally harder to pay off — or pull from retirement savings to cover costs. Money locked in your home does not help with a surprise car repair or a stretch without income.

There is a trade-off baked into where you keep money. The SEC explains that savings accounts, insured money market accounts, and CDs are viewed as very safe and easy to reach, but the tradeoff for that security and availability is a generally lower interest rate (SEC). That is the price of liquidity — and it is often a price worth paying for the cash you might need on short notice.

Protecting an adequate emergency cushion, and considering other savings goals, is one way to frame the trade-off before accelerating a mortgage. That is a general decision framework, not a rule for every household. What counts as “adequate” depends on your income stability, expenses, and dependents; a qualified financial professional can help you evaluate it in the context of your circumstances.

Compare Higher-Interest Debt Before the Mortgage

A mortgage is not always the most expensive debt competing for your next dollar. If minimizing borrowing cost is one of your objectives, compare the mortgage with your other debts before deciding where an extra payment belongs. Headline interest rates are a useful starting point, and the CFPB’s highest-interest-rate method focuses extra payments on the debt costing the most and notes that eliminating the costliest debts first can save money over time (CFPB). But where a debt receives tax treatment that actually applies to your household, compare effective borrowing cost rather than the nominal rate alone. For example, qualifying student-loan interest can be deductible subject to eligibility, limits, and income phaseouts (IRS).

That does not make highest-rate-first a universal rule; the CFPB also describes other repayment approaches that may fit different motivations. But in a capital-allocation decision, a materially costlier credit card, student loan, auto loan, or other debt is an alternative use of cash that belongs in the comparison rather than outside it.

Check for an Available Employer Match

If your workplace retirement plan offers matching contributions, that is another use of the same marginal dollar to compare before accelerating the mortgage. The U.S. Department of Labor explains that matching contributions are employer contributions tied to employee contributions, while the employee’s own contributions are always fully vested; employer matching contributions may be subject to the plan’s vesting schedule (DOL).

That does not mean an employer match automatically determines the mortgage decision. The relevant question is whether you are currently leaving an available match unclaimed and, if so, what the plan’s matching formula and vesting rules actually provide. Those plan-specific terms belong in the capital-allocation comparison.

An employer match is not the only retirement-account consideration. If you still have eligible tax-advantaged contribution space, the account itself can change the comparison. Traditional and Roth retirement accounts have different current- and future-tax treatment, so compare mortgage prepayment with the after-tax value of the actual account available to you rather than with a generic taxable investment return (IRS; SEC).

Home Equity Is Not a Savings Account

Money you put into your home is harder to get back out than money in the bank. Once extra principal goes into the house, retrieving it generally means borrowing against it. A home equity line of credit, the CFPB explains, is an open-end line of credit that lets you borrow repeatedly against your equity. A home equity loan is another route — but if you cannot pay it back, the CFPB warns, the lender could foreclose on your home.

These products carry friction and cost. Depending on the plan, the CFPB lists possible HELOC charges including an application fee, origination and closing costs, an inactivity fee, an annual or membership fee, a cancellation fee, and a conversion fee. Taking out a HELOC can also affect your ability to refinance your first mortgage (CFPB). So a dollar in equity is not the same as a dollar in savings — reaching it takes an application, fees, approval, and a new debt secured by your house.

The takeaway is not that equity is bad. It is that equity is illiquid, and treating it as an emergency reserve is a mistake that can force you into a costly loan at the worst time.

Paying Off vs. Investing: Use Honest Numbers

Here you are comparing debt reduction with an uncertain alternative. On a fixed-rate mortgage, extra principal produces a more predictable reduction in future interest; on an ARM, the exact amount depends partly on future rate resets. Investing the same money offers a potential return that is not guaranteed and could be negative. The comparison only works if you hold both sides to the same standard of honesty.

Start with what investment returns are and are not. Over many decades, stocks have provided the highest average rate of return of the major asset types — but there are no guarantees of profit, which makes stock one of the most risky investments (SEC). The SEC also notes that large-company stocks as a group have lost money on average about one out of every three years (SEC). It separately cautions that past performance does not necessarily predict future results (SEC). Investment fees and expenses also reduce returns, so the alternative should be evaluated net of the costs you would actually pay (SEC).

So when you sketch the comparison, do not plug in a rosy market number as if it were promised. Your own risk tolerance — your ability and willingness to lose some or all of an investment for the chance of higher returns — belongs in the decision. So does your time horizon: Investor.gov notes that investors with shorter horizons may prefer less risky or less volatile investments, while those with longer horizons may be more comfortable taking additional risk (SEC). There is also liquidity risk to keep in mind: some products charge a penalty for early withdrawal, which cuts against the idea that invested money is always freely available (SEC).

The honest framing is this: compare the mortgage interest cost you can actually avoid over the period you realistically expect to keep the loan with a realistic, after-tax, after-fee, and risk-adjusted alternative over the relevant investment time horizon — not with the best year the market ever had or a long-run average that does not fit when you expect to need the money. For a fixed-rate mortgage, the contractual rate makes that comparison more stable; for an ARM, future interest costs can change as the rate resets (CFPB). And if mortgage interest currently produces an incremental tax benefit for your household, account for that benefit rather than assuming the nominal mortgage rate is automatically your true economic cost. The investment side remains probabilistic, not a forecast, and it does not identify the right choice for you.

The Mortgage Interest Deduction May Not Apply to You

Many homeowners assume mortgage interest cuts their tax bill. For a lot of households, it does not create an incremental federal tax benefit. You can hear “you get a write-off for your mortgage” repeated as if it were universal — it is not. The deduction generally matters only when mortgage interest is part of an itemized-deduction picture that actually reduces federal taxable income compared with the alternative available to the taxpayer.

Here is the chain. Mortgage interest is deducted on Schedule A when you itemize, per the IRS. The IRS says taxpayers generally should itemize when allowable itemized deductions exceed the standard deduction, and it also identifies taxpayers who must itemize because they cannot use the standard deduction. The standard deduction is a set dollar amount that reduces your taxable income and varies by filing status, age, and other factors, and it is generally adjusted each year for inflation (IRS). If you are eligible for the standard deduction and your allowable itemized deductions do not exceed it, mortgage interest generally does not create an incremental federal tax benefit compared with claiming the standard deduction.

There are limits even when it does apply. To deduct home mortgage interest, the mortgage generally must be secured debt on a qualified home in which you have an ownership interest. For home-acquisition debt — generally debt used to buy, build, or substantially improve that qualified home and secured by it — the limit is generally $750,000 ($375,000 if married filing separately) for debt secured after December 15, 2017, while higher limits of $1 million ($500,000 if married filing separately) can apply to qualifying older debt (IRS). Refinancing generally preserves home-acquisition status only up to the principal balance of the old mortgage immediately before the refinancing; additional debt does not automatically qualify.

The practical point for this decision works in both directions. If the mortgage gives your household no incremental tax benefit, then “but I’ll lose the deduction” is not a reason to keep the loan — because there is nothing to lose. If deductible mortgage interest does reduce your tax bill, however, eliminating some of that interest can also reduce that tax benefit, so the economic benefit of early payoff may be smaller than the nominal mortgage rate suggests. The exact effect depends on how much interest qualifies, whether and by how much your itemized deductions exceed the standard deduction, applicable debt limits, and your broader tax situation; do not assume a simple mortgage-rate-times-tax-bracket formula. Tax rules are complex and change, so confirm what actually applies to you with a qualified tax professional (IRS).

When Keeping Your Mortgage as Is May Be the Better Answer

Sometimes the strongest move is to do nothing extra. Directing surplus cash to the loan is not automatically the win it feels like, and there are honest reasons to leave the mortgage on its current schedule.

If your emergency cushion is thin, cash is worth more in a reachable account than in home equity — the research above on financial shocks makes the cost of being illiquid concrete. If your loan carries a prepayment penalty during its early years, paying ahead can trigger a fee that offsets the interest you would save. If reaching money later would mean a HELOC or home equity loan with its own fees and foreclosure risk, the friction argues for keeping liquid savings intact. If refinancing could materially improve the loan economics after closing costs and over the period you expect to keep the replacement mortgage, that option belongs in the comparison before you commit a large amount of cash to principal. And because extra principal trades liquidity for a reduction in future mortgage interest, a household with higher-priority goals or a low tolerance for tying up cash may reasonably choose to keep the mortgage as is.

Keeping the mortgage on schedule is a legitimate choice, not a failure of discipline. The point is to decide on purpose, not by reflex.

A Short Set of Questions to Work Through

Rather than an answer, here are the questions the sections above raise — ones you can take to your own numbers or a professional.

  • Does my loan carry a prepayment penalty, and if so, for how long? Check the documents or ask the servicer.
  • If I make an extra payment, what does my servicer require for it to be applied to principal, and will I verify the application on the next statement?
  • Do I have enough liquid savings to handle a shock without borrowing? Money in the house does not fill that role.
  • If I needed this money back, how would I get it — and what would that cost? Equity generally comes out through a fee-bearing loan.
  • Am I carrying another debt with a materially higher effective borrowing cost, including any tax treatment that actually applies to my household, that is competing for this money?
  • Am I leaving an available employer retirement match unclaimed, and what do the plan’s matching formula and vesting rules actually provide?
  • Do I have eligible unused tax-advantaged retirement contribution space that changes the after-tax value of investing instead?
  • Am I paying borrower-paid PMI on an eligible mortgage, and could extra principal move me to a cancellation threshold sooner?
  • Am I trying to reduce total interest and shorten the payoff timeline, or do I specifically need a lower required monthly payment? A partial prepayment generally does not lower the scheduled principal-and-interest payment unless the loan is recast or otherwise modified. If I pay the mortgage off completely, have I separately budgeted for property taxes, homeowners insurance if maintained, and other ownership costs that remain?
  • Is my mortgage fixed-rate or adjustable-rate? With an ARM, future interest savings from extra principal are less predictable because the rate can reset.
  • How long do I realistically expect to keep this mortgage before selling, refinancing, or paying it off another way?
  • Could refinancing materially improve the loan economics after closing costs, points or lender credits, and over the period I expect to keep the replacement mortgage?
  • What mortgage interest cost can I actually avoid over that expected mortgage holding period, and how does it compare with a realistic, after-tax, after-fee, and risk-adjusted alternative over the investment time horizon that actually applies to me — not a best-case market number or an irrelevant long-run average?
  • Does my household actually get an incremental tax benefit from qualifying mortgage interest, and if so, how does losing some of that benefit change the comparison?
  • How much do I value reducing a required monthly obligation or increasing financial security, and am I treating that preference explicitly rather than disguising it as an investment-return calculation?
  • Where does accelerating the mortgage sit against my other savings priorities?

Notice that none of these answers itself. They are the inputs; your situation supplies the values. A fee-only financial planner can help you run them against your full picture.

What Research Can and Cannot Tell You

A few studies appear in this article, and it is worth being clear about what they do and do not establish. The debt-aversion experiment describes a pattern observed across a study population; it does not diagnose your decision or prove that paying down a mortgage is irrational. The savings figures from the Federal Reserve describe how U.S. households looked in particular years — 2016 for the liquidity data, 2025 for the emergency-fund figures — not how your household should look. The investment history from the SEC describes long-run averages and past behavior, and past performance does not necessarily predict future results.

Population findings tell you about groups. They cannot tell you what belongs in your budget, your loan, or your risk tolerance. That is the gap a qualified professional, working from your actual numbers, is there to close.

Frequently Asked Questions

Does paying extra principal always save interest? Extra principal reduces your balance, and a smaller balance accrues less interest, so in mechanical terms extra principal lowers future interest (CFPB). The catch is a prepayment penalty: if your loan charges one, a large early payoff can trigger a fee that offsets some or all of the savings. Check your loan terms before assuming a net benefit.

How do I know if my mortgage has a prepayment penalty? A prepayment penalty is a fee some lenders charge for paying off all or part of a mortgage early, and it typically applies only when you pay off the whole balance within a set number of years, often three or five (CFPB). Small extra principal payments usually do not trigger it, but the CFPB advises double-checking with your lender. Your loan documents or servicer are the only reliable source for your specific loan.

Is home equity as accessible as a savings account? No. Getting money back out of your home generally means borrowing against it through a product like a HELOC, which lets you borrow repeatedly against your equity but can come with application, origination, annual, inactivity, cancellation, and conversion fees (CFPB). A savings account, by contrast, is easy to reach for any reason (SEC). Equity is not a substitute for liquid cash.

Should I invest the money instead of paying off my mortgage? That depends on factors this article cannot resolve for you. Paying down principal reduces the balance on which future mortgage interest can accrue. On a fixed-rate mortgage, the resulting interest savings are more predictable; on an ARM, the exact amount depends partly on future rate resets (CFPB). Investing offers a potential return that is not guaranteed — stocks have had the highest long-run average returns but are among the riskiest holdings, and past performance does not necessarily predict future results (SEC; SEC). Your risk tolerance, liquidity needs, investment time horizon, and the fees and expenses of the actual investment all belong in the comparison; a long-run market average may be a poor benchmark for money you expect to need much sooner (SEC; SEC).

What if I also have higher-interest debt? If minimizing borrowing cost is the goal, include that debt in the comparison. The CFPB’s highest-interest-rate method directs extra payments toward the debt costing the most and notes that eliminating the costliest debts first can save money over time (CFPB). Headline rates are a useful starting point, but where tax treatment actually applies — such as qualifying student-loan interest for an eligible taxpayer — compare effective borrowing cost rather than nominal rates alone (IRS). That is a framework, not a universal rule, but it prevents the mortgage from being evaluated in isolation.

What if my employer offers a retirement match? Include the match in the comparison. Matching contributions are employer contributions tied to employee contributions, and employer matches may be subject to vesting rules (DOL). Check the plan’s actual matching formula and vesting schedule before treating mortgage prepayment as the only use of the extra cash.

What if being mortgage-free would make me feel more financially secure? That preference can legitimately matter, but it should be separated from claims about expected financial return. A full payoff removes the required principal-and-interest obligation, while the CFPB’s financial well-being framework recognizes control over month-to-month finances and financial security as meaningful dimensions of household well-being (CFPB). Research among older U.S. adults has found mortgage debt associated with financial strain, but that observational evidence does not establish that paying off a mortgage causes greater well-being for every household (PubMed).

What if I still have unused retirement contribution space but no employer match? That can still matter. Traditional and Roth retirement accounts have different current- and future-tax treatment, so the account available to you can change the after-tax value of investing instead of prepaying the mortgage (IRS; SEC). Eligibility, contribution limits, withdrawal rules, and your tax situation all affect the comparison.

Can extra principal help me eliminate PMI sooner? For some mortgages with borrower-paid PMI, yes. CFPB says borrowers on covered loans may request PMI cancellation once additional principal payments reduce the balance to 80 percent of the home’s original value, subject to the applicable payment-history, lien, value, and other requirements (CFPB). FHA mortgage insurance and lender-paid mortgage insurance follow different rules. VA-backed loans generally do not require monthly mortgage insurance, although a one-time VA funding fee may apply (VA).

How do I make sure an extra payment actually reduces principal? Follow your servicer’s instructions for principal payments and review the next mortgage statement to confirm the extra amount was applied to principal as intended. CFPB advises borrowers making extra payments to make sure those payments are applied to principal rather than interest (CFPB).

Will making a large extra principal payment lower my required monthly mortgage payment? Generally not by itself. A partial principal payment reduces the balance and future interest, but the scheduled principal-and-interest payment usually remains unchanged. Some eligible loans can be recast after a substantial principal reduction, which re-amortizes the lower balance over the remaining term and can lower the required payment (Fannie Mae). Ask your servicer whether your loan permits a recast.

Should I consider refinancing instead of paying extra principal? Sometimes. Refinancing replaces the existing mortgage with a new loan, so compare the new rate and term with the costs of getting the new loan and with how long you expect to keep it. CFPB notes that points, lender credits, and other upfront costs trade against future interest costs, which means a lower rate or payment is not enough by itself to show that refinancing improves the economics (CFPB; CFPB).

What housing costs remain after I pay off the mortgage? The mortgage principal-and-interest obligation ends, but property taxes still apply, and homeowners insurance — if you maintain it — must be paid directly once it is no longer being collected through mortgage escrow. Maintenance and other ownership costs also continue. CFPB explains that escrow accounts commonly collect property taxes and homeowners insurance and that homeowners without escrow pay those expenses directly (CFPB).

Do I get a tax deduction for mortgage interest? Only if you itemize and the interest otherwise qualifies under the mortgage-interest rules. The mortgage generally must be secured debt on a qualified home, and the home-acquisition-debt rules generally focus on debt used to buy, build, or substantially improve that home (IRS). Whether the deduction creates an incremental tax benefit depends on your full itemized-deduction picture, so the nominal mortgage rate is not automatically the household’s economic cost. Confirm what applies to your situation with a qualified tax professional.

Key Terms

  • Principal: The amount you still owe on the loan. Payments toward principal reduce your balance and build equity; payments toward interest do not (CFPB).
  • Payoff amount: What it takes to close out the loan, including interest due through the day you pay — not necessarily equal to your current statement balance (CFPB).
  • Prepayment penalty: A fee some lenders charge for paying off all or part of a mortgage early, often only within the first several years (CFPB).
  • Home equity line of credit (HELOC): An open-end line of credit that lets you borrow repeatedly against your home equity (CFPB).
  • Liquidity: How easily an asset can be turned into usable cash. Savings accounts are highly liquid; home equity is not (SEC).
  • Risk tolerance: Your ability and willingness to lose some or all of an investment in exchange for potentially higher returns (SEC).
  • Standard deduction: A set dollar amount that reduces taxable income and varies by filing status and other factors. Most taxpayers who are eligible for it compare the standard deduction with their allowable itemized deductions, but some taxpayers cannot claim the standard deduction, and taxpayers may elect to itemize in certain circumstances (IRS; IRS).

References

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