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Those are your ITEMIZED deductions and you get to take the larger of the standard deduction or itemized deductions.
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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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.
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.
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.
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.
Yes, I did but only $2,086.00 so I don't think that's making up the full difference. Anything else that could be causing this you think? @taxlady28 @VolvoGirl
@jloewenberg1 - can you please post a screet shotof the $21,000?
I wonder if you are self-employed and the difference is the QBI deduction?
there are otherwise 4 categories of itemized deductions
1) Medical - limited to the part that is over 7.5% of your AGI
2) State and local taxes - limited to $10,000
3) mortgage interest - limited in certain circumstances (mortgage over $750,000)
4) charitable contributions - limited if exceeds a large portion of your AGI
I highly recommend you review the actual return to see what is happening ... you can even try it both ways ... standard & itemized so you can understand this concept better.
Click on the tools function ... then print options to see a PDF of the return with & without the worksheets.
See this if you need to learn more about standard vs. itemized deductions: https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/standard-deductio...
Which screen are you referring to? The one where it shows the $21k is shown in an above post by me... but you may be on to something with QBI hunch since I am self-employed. How do you think that's playing into this? @NCperson , a quick response would be much appreciated since I need to file by EOD tomorrow I'm pretty sure...
On second thought, I don't think just the QBI is making up the difference when I go to the Tax Summary page via the Tools function @Critter-3 mentioned, you can see that the QBI deduction for me is on about $1k... let me know what you think @NCperson
@jloewenberg1 frankly, I would just file the return and worry about it later. It is highly, highly unlikely it is incorrect.
Also, since you are self employed, half the self-employment tax is also an :adjustment"". that could make up the remaining difference.
on the tax return, look at lines, 10 (normally just 1/2 of self-employment tax), line 12 (standard deduction) and line 13 (QBI) - is that the $21k.
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