topic Re: Standard Deduction in Deductions & credits

Standard Deduction

Oldgolfer55 — Tue, 13 Apr 2021 23:38:06 GMT

Our itemized deductions come up to $29,500 and our standard deduction is $26,100. Why is TT using $26,100 to calc our taxes? Thank you.

Re: Standard Deduction

Mike9241 — Tue, 13 Apr 2021 23:52:23 GMT

is the 29,500 the total of your itemized deductions or the total allowable? medical expenses must be reduced by 7.5% of adjusted gross income. taxes are limited to $10,000 (other than MFS). if you have mortgages there may be limits on the deductibility of mortgage interest. we can't see your return so it would be best to review schedule A to see what is happening.

Re: Standard Deduction

Oldgolfer55 — Tue, 13 Apr 2021 23:57:04 GMT

Thanks for the reply. We did not deduct medical expenses. Ours is $19,500 interest, $7500 prop taxes, $1600 charitable donations, and $1,000 car tabs and other personal prop and sales tax deduction of $2400. Thanks for the help

Re: Standard Deduction

RayW7 — Wed, 14 Apr 2021 00:00:19 GMT

Agreeing with @Mike9241-

To switch to itemize deductions, go to search and enter itemized deductions, choosing. Be sure to use this exact term, including the comma and space.

Then, in the search results, click the "Jump to" link. This will take you straight to a screen where you can change your deduction.

-follow this link for additional information-

Standard Deduction vs. Itemized Deductions ... - TurboTax