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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
Those are your ITEMIZED deductions and you get to take the larger of the standard deduction or itemized deductions.
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
But then why does it say my itemized deduction is only $1,807 when I drill into why they're choosing to give me the standard deduction on the screen in the third screenshot attached? #1
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
Not sure what your confusion is. Your standard deduction of 12,950 is greater than your itemized deductions of 1,807 so the program is correctly giving you the larger standard deduction.
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
I see the confusion and have no idea what is causing it. Contact TurboTax support and have them go through this return and see what is causing this.
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
The $21,836 is probably all the deductions you entered but some deductions are limited like Medical and Taxes. Did you enter any Medical? For Medical only the amount over 7.5% of your AGI is deductible.
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On the Federal Review Tax Breakdown screen, why does it tell me I have $21,836 in deductions then say I get the standard deduction of $12,950 for a Single filer?
VolvoGirl is such an amazing asset for this board. She is so familiar with the software and can identify and then clearly explain the issues. What a great answer.
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