topic Itemized deductions aren't adding up right; standard deduction seems wrong in Deductions & credits

Itemized deductions aren't adding up right; standard deduction seems wrong

endotronic — Tue, 16 Mar 2021 04:56:15 GMT

Hi experts, I hope someone can help.

Last year my itemized expenses exceeded my standard deduction, and I took that deduction. This year looks the same, but TurboTax believes the standard deduction is right for me. I don't understand it.

I'm married, filing jointly, so my standard deduction (if taken) is $24,800
TurboTax believes my itemized deductions total $21,904
I don't see where $21,904 comes from;
- My mortgage interest were $22,530
- My property taxes were $6,523
- My charitable donations totaled $2,525
- Aren't these all deductible, for a total of $31,578?

Here is a possible hint, though I don't understand it. I refinanced my mortgage towards the end of 2020. I paid about $21,000 on the loan before refinancing, and then about $1,500 on the new loan. If I remove the new loan, suddenly the math makes sense to me, and TurboTax recommends the itemized deductions. It seems something about this new loan throws everything off, but I don't understand how.

Re: Itemized deductions aren't adding up right; standard deduction seems wrong

SteamTrain — Tue, 16 Mar 2021 14:36:19 GMT

The Re-fi is causing tons of folks all kinds of problems

Read this and see if it helps (beyond that, I have no idea how well it works or not)

https://ttlc.intuit.com/community/loans/help/what-do-i-do-if-i-have-multiple-1098s-from-refinancing-my-home-debt/01/1897136

Re: Itemized deductions aren't adding up right; standard deduction seems wrong

endotronic — Wed, 17 Mar 2021 04:15:48 GMT

Thanks, that solves my problem. It seemed wrong to combine the 1098s (still does...) but whatever; the math makes sense this way.