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!
I would double-check that you didn't select incorrectly when TurboTax recommended which deduction to take.
To check this, follow these instructions:
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.
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?
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.