- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you are entering itemized deductions, you do not actually start to see an impact on your taxes until your itemized deductions exceed your standard deduction. Mortgage interest, property taxes, other state and local taxes, charitable contributions, and medical expenses in excess of 7.5% of your gross income are all itemized deductions.
Once you are done entering all your deductions and credits, if you select Wrap up tax breaks at the bottom of the Deductions & Credits screen, it will show you your standard deduction and itemized deductions. TurboTax automatically selects the bigger one, but you can override this if you wish, which may provide a bigger benefit on your state taxes.
‎April 6, 2022
8:53 AM