topic I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable?? in Get your taxes done using TurboTax

I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable??

SD_Steve — Wed, 24 Feb 2021 03:26:29 GMT

Help please - either I am really missing something (I have done my own taxes for 30 years and follow all the rules pretty well typically) or TurboTax 2020 has a bug in the software calculation for itemizing vs standard deduction?

Mortgage is $820k (I did the math for pro-rating the $750000 allowable limit) and it comes to $28000 on its own. SALT is over $10k, so capped at $10k. My wife and I have no dependents and AGI was around $430k. I have never been guided to the standard deduction in my entire CA life due to mortgage interest alone on our home. What is causing the program to ignore all of the above and select standard deduction repeatedly for me? Thanks

Long Time TT User Steve

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable??

prosaic — Sun, 14 Mar 2021 00:32:37 GMT

Sorry, don't have a solution, just echoing that we're having a similar problem. SALT is capped at $10k, and we have approximately $27k mortgage interest on a ~$730k loan.

We refinanced and switched lenders in the second half of the year, resulting in two 1098s for the same mortgage. TT seems to calculate the deduction with one lender ($24k interest), but when we add the second lender ($3k interest), our refund shrinks and TT tells us that we should take the standard deduction, which doesn't make sense. TT still shows that we paid $27k in mortgage interest, too, so I'm wondering if this is a bug.

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable ...

CarissaM — Sun, 14 Mar 2021 00:57:21 GMT

For more information on why your mortgage interest is being limited, please click here.

If you need additional assistance, please click here to contact customer support.

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable ...

stzollner1 — Sun, 13 Feb 2022 16:11:22 GMT

The link from Expert CarissaM has the following content (which is not very helpful):

We're sorry, we can't find the page you requested.

topic I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable?? in Get your taxes done using TurboTax

I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable??

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable deductions, but TT is still saying Standard deduction is the more favorable??

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable ...

Re: I have over $30000 in mortgage interest, over $10000 in SALT for CA, and $2300 in charitable ...

We're sorry, we can't find the page you requested.

You may have clicked on an article that has been deleted or outdated.