(Apologies for not checking the following when I originally posted my question.) I just reviewed our 2017 taxes in TurboTax, and found the following:
When I reviewed the medical deduction phase, TT told me right up front: "If you and (spouse) had less than $xxx [which was so much higher than what I had a good estimation of what ours would have been] [in deductions], it won't affect your refund, so we want to make sure you're not doing extra work."
We ended up with a standard deduction: TT "Deductions Analysis": "You claimed a standard deception of $xxx. You also claimed personal exemptions of $xxx. These two items added up to all of your total deductions and exemptions."
I entered out mortgage taxes and insurance, and those ended up showing on IRS Form 1098.
Questions:
1) Are mortgage taxes and insurance outside of the matter of itemized deductions vs. standard? Given those were listed on Form 10908, I'm thinking the answer is yes, but the last sentence in "Deduction Analysis" has me wondering.
2) Are Charitable Donations, and Cars and Other Things you Own (we just claim car registration fees) part of itemized deductions (when itemizing returns a higher deduction than standard)? I'm thinking that must be the case; I'm asking because in those sections, I was not told: "If you and (spouse) had less than $xxx [in deductions], it won't affect your refund." Probably those two categories *are* deductible (without a minimal percentage threshold, like medical) if your total deductible amount gives you a better deduction than standard."
To cut to the chase a bit, since we don't qualify for itemized medical deduction, and our charitable and car registration are pretty small, it appears there is no need for us to enter those. Our combined mortgage tax and insurance is about $10k. We are in the 25% tax category. Based on your typical figure of $24k of itemized deductions, this appears to are the case.
Thanks again.
