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I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable??
Help please - either I am really missing something (I have done my own taxes for 30 years and follow all the rules pretty well typically) or TurboTax 2020 has a bug in the software calculation for itemizing vs standard deduction?
Mortgage is $820k (I did the math for pro-rating the $750000 allowable limit) and it comes to $28000 on its own. SALT is over $10k, so capped at $10k. My wife and I have no dependents and AGI was around $430k. I have never been guided to the standard deduction in my entire CA life due to mortgage interest alone on our home. What is causing the program to ignore all of the above and select standard deduction repeatedly for me? Thanks
Long Time TT User Steve
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‎February 23, 2021
7:26 PM