- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
hard to know...but unlikely to be a bug.
1) State income taxes paid + Property taxes paid is capped at 10,000. so anything above that doesn't get added in.
2) Medical expenses are not used until they exceed 7.5% of your AGI, and then only the excess above 7.5% of AGI are used.
3) if you are self-employed, your business expenses/deductions are used directly to reduce your SE income....and not as a part of yore "personal" itemized deductions.
_________________
So I'd check those complications first.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎January 21, 2021
4:51 PM