hewhaw123
New Member

My itemized decuctios are more than the $24,000 but turbotax is not giving me the itemized decutions, saying the standard decutions are more, why?

 
SherylSTaxExpert
Level 3

Deductions & credits

The recent changes in 2018 may have resulted in the standard deduction?being?more advantageous to you. 

Starting in 2018 the standard deduction is as follows:

Single/Married Filing Separate- $12,000

Head of Household- $18,000

Married Filing Joint- $24,000

If your standard deduction is higher TurboTax would utilize that vs itemizing. 

A few things that have also changed for 2018

*State and local taxes are now capped at $10,000 per year (this includes property tax)

*Mortgage interest (if the mortgage was taken out after 12/15/17) is capped at $750K, at this point it starts to prorate.

*Medical deductions can only be deducted if they exceed 7.5% of adjusted gross income

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