For one thing, there are limits on your itemized deductions. For example, your itemized deductions for SALT (State and Local Taxes) is limited to $10K. Any SALT paid above that is just flat out not deductible.
Your deductible mortgage interest is limited to the interest paid on the first $750K of your mortgage. So if your outstanding principle balance on your mortgage on Jan 1 of 2019 was higher than $750K, your mortgage interest deducted was reduced to the amount of interest paid on the first $750K of your outstanding balance.
So if you are filing a joint return, that means your "allowed" SCH A deductions do not exceed $24,600.
If you are married and filing a separate return, then you "allowed" SALT and mortgage interest deductions are cut in half.
I have Mortgage interest of $37K,
If your outstanding balance on the loan was more than $750K, then only the interest paid on the first $750K is a SCH A deduction.
Real Estate Taxes in excess of 10K and State taxes over $20K,
Those fall under SALT, and you're limited to deducting $10K of those taxes. That's it.
not to mention charitable deduction.
Many folks mistakenly believe that 100% of their charitable donations are deductible. Just not true. There are two types of charities. 50% charities and 30% charities. TurboTax assumes all of your charitable donations are to a 50% charity. Therefore only 50% of your charitable donations are deductible from your taxable income. If filing MFS, then only 25%.
