@domtest wrote:
@Opus 17 I just ran a scenario, whereby I took last year's tax return and amended it by adding an itemized deduction for $30,750 mortgage interest based on an 820K mortgage. When I looked at the breakdown of the deductions being made, it had $28,125 for all deductible interest and $10K for SALT. What I don't understand is I don't think I have 10K worth of SALT deductions. I input zero property tax and I thought SALT was made up of State and local income taxes which on my state tax return come to only $3,739 not 10K. Is this a mistake in the calculation or is the property deduction coming from somewhere other than the mortgage interest and property tax?
This was based on a Federal AGI of $73,920
Thanks.
First, you really should not have changed your tax file by amending it. You can manually undo your changes, but there is no easy way to restore your return to the "As-filed" version. So the amended version is what you will get if you ever need to print your return for a copy or apply for a loan etc. It's too late to stop you, but not too late for someone else reading this.
Second, it's hard to troubleshoot TT online, since no one can see the internal worksheets, and no one on this board can see your file at all. You are correct that if you only entered mortgage interest and no taxes, you should not have hit the SALT cap. But sometimes, the summary Turbotax shows you is not quite what the actual return shows. If you can, print your return in its present state and look at the details on schedule A. (You should be able to print the return without filing it, since you already paid to file your original return. But I have not spent much time with TT online in many years, so I can't point you to the printing instructions. Look around, or someone else may be able to help, just be very careful not to "file" your return, either by mail or e-file. You want to print your return to review, not to file.)
Then if schedule A really is incorrect, I would double check your data entry first. I've never seen TT grab numbers out of thin air before, at least not in this situation.
