I read that "the main tax change in the new legislation is that individuals can take personal disaster losses even if they don't itemize. They're able to deduct uninsured personal losses in excess of a $500 threshold without regard to the 10%-of-adjusted-gross-income offset that generally applies to disaster loss deductions. This net loss is treated as an additional standard deduction for nonitemizers". However, I haven't been able to get this information into TurboTax in the way indicated before. Please assist. Thank you.
Here's how you would report the loss on your return. First, use Form 4684 to calculate the loss. Then transfer the disaster loss amount to Schedule A, line 16, and write "Net Qualified Disaster Loss" on the dotted line. If you are not itemizing, then you would also put your regular standard deduction on line 16 of Schedule A and write next to it "Standard Deduction Claimed With Qualified Disaster Loss." You then combine these two amounts and transfer the total to Form 1040, line 12.
