Hi experts, I hope someone can help. Last year my itemized expenses exceeded my standard deduction, and I took that deduction. This year looks the same, but TurboTax believes the standard deduction is right for me. I don't understand it. I'm married, filing jointly, so my standard deduction (if taken) is $24,800TurboTax believes my itemized deductions total $21,904I don't see where $21,904 comes from;My mortgage interest were $22,530My property taxes were $6,523My charitable donations totaled $2,525Aren't these all deductible, for a total of $31,578? Here is a possible hint, though I don't understand it. I refinanced my mortgage towards the end of 2020. I paid about $21,000 on the loan before refinancing, and then about $1,500 on the new loan. If I remove the new loan, suddenly the math makes sense to me, and TurboTax recommends the itemized deductions. It seems something about this new loan throws everything off, but I don't understand how.

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endotronic

Level 2

Solved

Itemized deductions aren't adding up right; standard deduction seems wrong

Forum|Forum|5 years ago
March 16, 2021
1 reply
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Hi experts, I hope someone can help.

Last year my itemized expenses exceeded my standard deduction, and I took that deduction. This year looks the same, but TurboTax believes the standard deduction is right for me. I don't understand it.

I'm married, filing jointly, so my standard deduction (if taken) is $24,800
TurboTax believes my itemized deductions total $21,904
I don't see where $21,904 comes from;
- My mortgage interest were $22,530
- My property taxes were $6,523
- My charitable donations totaled $2,525
- Aren't these all deductible, for a total of $31,578?

Here is a possible hint, though I don't understand it. I refinanced my mortgage towards the end of 2020. I paid about $21,000 on the loan before refinancing, and then about $1,500 on the new loan. If I remove the new loan, suddenly the math makes sense to me, and TurboTax recommends the itemized deductions. It seems something about this new loan throws everything off, but I don't understand how.