2022 itemizing deductions

Forum|Forum|3 years ago
February 27, 2023
3 replies
18 views

Hi,

I would like to itemize my deductions since it is higher than the standard deduction. Turbo tax Premier doesn't seem to have that option. I'm in CA so my mortgage interest/ taxes is higher than the standard deduction. This is for mortgage debt prior to 2017.

How do we change this?

Thank you!

CatinaT1

Level 15

I would double-check that you didn't select incorrectly when TurboTax recommended which deduction to take.

To check this, follow these instructions:

Click on "Federal" under TAXES
Click on "Deductions & Credits"
Scroll to the bottom of the page and click on "Wrap up tax breaks"
You will see "Based on what you just told us, the Standard Deduction is best for you" or "Based on what you just told us, Itemized Deductions are best for you"
You have the option here to keep the recommendation or change your deduction.
At the bottom of the page, click on "Change my deduction"
Select/click on either Standard Deduction or Itemized Deduction, and then click on Continue

Also, be aware, The Tax Cuts and Jobs Act did implement a $10,000 limit on State and Local Income Tax for a married couple.

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ckl9988Author

Level 2

Thanks.

I'm in CA and I can deduct all my property taxes but the software is capping it at 10K. Is there a work around?

Vanessa A

Level 15

For your federal taxes, the IRS has not allowed any special treatment of property taxes. You are still limited to the 10k SALT limit.

CA has tried to do a work around with AB150 which will mostly apply to businesses. The workaround, allows pass through entities to pay taxes at the business level instead of at the personal level so the business can deduct the full amount instead of being limited to what the individual is limited to on their federal return.

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