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Retirement tax questions
Your total itemized deductions are reported on Schedule A. TurboTax will use the highest number between your standard deduction and your itemized deductions on Schedule A. Check Line 12 of Form 1040 to see which deduction was higher. If you are using itemized deductions, please keep in mind that the State and Local tax deduction is limited. Also, only medical expenses in excess of 7.5% of AGI count towards your itemized deduction number.
The SALT deduction (which is either state/local income tax plus property tax OR sales tax plus property tax) is capped at $5,000 for married couples filing separately and $10,000 for all other filers. In 2017 and earlier, there was no cap. To see an example, review this help article.
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‎February 19, 2024
7:46 PM