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Deductions & credits
I have to itemize my deductions this year because my wife, who files a separate return needs to itemize her dedications. I have two Limited Partnerships to enter this year and one of them won't sent the K-1 until June or July, so filed an extension. I won't complete entry of the K-1s until the second one comes in.
I have less itemized deductions than the standard deduction, but have to itemize. The deductions are more than the 7.5% threshold to deduct them on Schedule A. I found that Turbotax was using my uncompleted K-1s to figure the Medicare Part B and Long Term Care Premiums, and had different threshold limits. I had to "force" the entries on Schedule A in order for Turbotax to include them to with Medical and Dental Expenses. They are not part of the K-1 returns and I think this is a bug in Turbotax 2024 Premium. I'll complete the K-1 entries when I file my final tax returns later this summer. Not sure why Turbotax wanted to include them in the K-1 return? This took a while to make work.
I appreciate your reply above. Hope I've handled this correctly. I tried to call Turbotax for help, but couldn't get through on the telephone. Probably too close to the filing deadline.