Deductions & Credits

[skj]

Is there a limit to the $ amount of deductions? Schedule A, line 17 is greater that what is transferred to Form 1040, line 12e. The difference is about $624).  I'm using TT Deluxe. Filing standard deductions vs. itemized deductions reveals exactly the same refund.  

[BillM223]

What is the amount on 1040, line 12e? Is this one of the Standard Deductions? There are additional Standard Deductions than what are generally published - for example, (1) for dependents and (2) for those born before January 2, 1961, or blind, or even (3) if you had a net qualified disaster loss and you elected to increase your standard deduction by the amount of your net qualified disaster loss.

[skj]

Line 12e shows $17,750. I am over 65 filing single, not blind and no disaster losses. Schedule A shows these deductions: $10,669 medical, $5705 taxes paid, $2000 gifts to charity, totaIing $18,374. Why doesn't that transfer to Line 12e on the 1040? I compared filing standard vs. itemized and the refund is exactly the same. Why?

[LaShaunA3]

Line 12e on Form 1040 shows either your itemized deductions or your standard deduction, whichever is higher. Because you are over 65 and filing Single, you are entitled to the higher standard deduction for your age (new senior deduction). 

Although Schedule A totals $18,374, medical expenses are only deductible to the extent they exceed 7.5% of your AGI, so the full $10,669 isn't deductible. After that limitation is applied, your total itemized deductions are  less than your standard deduction, which is why the software uses the standard deduction and your refund doesn't change.