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Standard Deduction
For may years, I have itemised deductions and my tax prep has been streamlined as we are a W2 family. In 2021, I liquidated stock in connection with the purchase of a home. Our salaries are higher, and most line items in Schedule A are the same or higher. However, Turbo Tax is applying the Standard Deduction (which also increased from prior periods) which is much lower than last year. Could this be correct?
Thank you
Mike
March 29, 2022
5:52 PM