Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

jamesetracy · ‎June 1, 2019

Mtg int 7,538, Prop tx $7,176, Donat $4,406, Medical $18,381. AGI $121,713, Std ded $26,600.

MichaelL1 · ‎June 1, 2019

If that is your medical gross deductions they get reduced by 7.5% of the your AGI, so that is over $9,000 reduction and that will put you below the standard deduction.

MichaelL1 · ‎June 1, 2019

Well you would be at around $27K if I figured it right. I wonder if you are getting credit for all the mortgage interest.

jamesetracy · ‎June 1, 2019

How would I know? Regular mtg int $2,800 and Home Eq $598.

MichaelL1 · ‎June 1, 2019

You listed $7,538 in question, but it is really $2,800 and $598 correct?

jamesetracy · ‎June 1, 2019

In addition there is $414 points to total $3811.91. Rather than the &7,538 listed on the recap form (2018 Deductions and Credits. That is probably the reason for the confusion. Thanks for your help.

MichaelL1 · ‎June 1, 2019

Ok your standard deduction is $26,600

From the question and comments you have these approx amounts

Medical $9,300 (after reduction for 7.5% of AGI)

Mortgage interest $3,800

Property taxes $7,200

Contributions $4,400

This totals = $24,700 which is close to standard of $26,600 but less.

TurboTax will take the higher of the two and give you the one that benefits you the most.

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Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits