Turbo Tax is telling me that the $30,700 standard deduction is better than my itemized listing of charity, medical, mortgage, taxes and sales tax total of $39,423. I can’t dump the standard to allow for the use of my deduction entries. How can I correct this?
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You are probably seeing the total of the itemized deductions you entered. But not the actual itemized deductions that are on the Schedule A.
You can only deduct for medical expenses the amount that is greater than 7.5% of your AGI. There is a SALT limit of State/Local income taxes or Sales tax and real estate property taxes and personal property taxes of no more than $10,000.
Look at your Schedule A on Line 17 to see if that amount is greater than you Standard Deduction.
Using the TurboTax desktop CD/Download editions click on Forms. In Forms mode locate Schedule A on the left side of the screen and click to open.
Is that the total before limits?
Only medical expense over 7.5 of your Adjusted Gross Income count.
Home Mortgage Interest can be limited if the loan balance is over the limit or the loan was refinanced and cash taken out.
State taxes are limited to 10,000.
You must choose between State Income Tax and State Sales Tax.
Are any of your itemized deductions being limited?
Go back to Deductions and Credits
Scroll down and Select DONE
See the analysis and click CONTINUE
On the next screen see a box to check to "Change my deduction"
Click this box to switch to Itemized and continue.
Look at your Schedule A to see if the numbers are reduced.
For TurboTax Desktop, switch to Forms (top right)
To View using TurboTax Online:
Select Tax Tools on the left side-bar
Select Tools from that drop-down
Select “View Tax Summary” on the TOOLS CENTER screen
Select “Preview my 1040” which now appears on the left side-bar
Look at Schedule A
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