Here is the rundown. Gross joint income 115k. Mortgage interest 10.3k (0 points), real estate taxes 3.5k, charitable contributions 1.9k (using TurboTax calculator), federal student loan interest 2.1k, medical expenses 5.2k, FITW 14.1k, sales tax 3.1k, IRA contribution 2.9k, teacher expenses 1.6k (actual receipts), job related expenses 1.4k (credit only $250.00???). State income tax not even mentioned. Total listed deductions = 46.1k (over 40% of gross income) but again, we only are relegated to using the standard deduction (12.2k)? Turbotax does NOT allow the provision to do long form with Schedule A so that 33.9k difference in deductions are even considered and taken into account!! Standard deduction is but a little more than 25% of the actual deductions! Appears TurboTax does not offer the ability to itemize and just pushes the "standard deduction" as the ONLY option which automatically places tax filers in a higher tax bracket by default!!!
