I am filing married jointly and neither my spouse nor i am 65+ but the standard deduction amount is showing up as $31,224. We think the system is mistakenly adding $2,024 by incorrectly parsing our 1099-INT where even though we didn't have any early withdrawal penalties, it's interpreting the year as early withdrawal penalty. How do we override this?
If you preview your Form 1040 - what is on Line 12? And can you confirm you are not itemizing deductions?
Preview Form 1040 in TurboTax Online.
Use Forms Mode if you are using the desktop software.
No, we are not itemizing. We really think the app is incorrectly parsing the 1099-INT because the AI summary says we had an early withdrawal penalty (line 2) of $2,024 even though there was no early withdrawal penalty on our form. We are using the app for the free filing offer. We haven't seen the 1040 preview yet but will generate now.
Did you import the 1099INT? Delete it and enter it again Manually. That usually fixes it. Where are you seeing the 31,224? Check your actual 1040. The Standard Deduction on line 12 should be 29,200.
Oh and a early withdrawal penalty is an adjustment to income. It is not part of your itemized deductions. The CD early withdrawal penalty goes on Schedule 1 line 18 which goes to 1040 line 10. So check there too.
Are you using the Online version? Before filing, You can preview the 1040 or print the whole return