topic Itemized Deductions in Deductions & credits

Itemized Deductions

sm482 — Sat, 14 Mar 2020 17:43:47 GMT

We've filed our business/family taxes with TT for over 20 years. All of a sudden, THIS year, TT is INSISTING that we filed the standard deduction, not itemized, last year. This is wrong. We have ALWAYS itemized deductions. Now the software is insisting the I give them information from tax forms (like Form 2 or Schedule A) that we DO NOT HAVE for 2018 because we have a Schedule C, because of the business. It is now asking for information from our 1040 that doesn't make sense. The lines don't match up with what they're asking (like line 14 on our form is "other taxes" and the software insists that line 14 is "taxes after credits". It is not.) Help, please. I'm now stuck. I don't know WHY it would think we EVER took the standard deduction and why it cares.

Re: Itemized Deductions

VolvoGirl — Sat, 14 Mar 2020 17:48:01 GMT

Do not confuse the Standard Deduction or personal Itemized Deductions with your Business expenses on schedule C. They are separate and you get both.

For your PERSONAL deductions,

Starting in 2018 the Standard Deduction doubled so many people switched to the Standard Deduction. And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".

For 2019 the standard deduction on 1040 line 9 amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

Re: Itemized Deductions

VolvoGirl — Sat, 14 Mar 2020 17:56:01 GMT

For 1040 line 14. The 1040 line numbers changed between 2018 & 2019 so you need to look at the right year

2018 1040 https://www.irs.gov/pub/irs-prior/f1040--2018.pdf

2019 https://www.irs.gov/pub/irs-pdf/f1040.pdf

2019 line 14 is the Tax after credits