Deduction & Credits for Schedule A

[Chaverka]

Why am I getting the standard deduction this year instead of itemized for my mortgage interest?

[HelenC12]

You may have entered some deductions that are limited. For example, the SALT deduction is capped at $10,000 ($5,000 if married filing separately). Review the Schedule A to see if any limitations apply.

TurboTax automatically selects the deduction that gives you the best outcome on your federal taxes. Most 2020 federal tax filers will be better off with the standard deduction versus the itemized deduction.

In TurboTax, you can always switch to a different deduction. However, if you and your spouse are filing separate federal returns, both of you must take the same deduction per IRS rules.

Tip: It's best to hold off on switching until after you've finished going through the Deductions & Credits section. That way you can get an accurate picture of how both deductions affect your bottom line. Also, keep in mind that switching to the other federal deduction may impact your state tax return.

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• What about my state

[Chaverka]

My SALT = $2,241 1099-G

When I enter 1098 with mortgage interest of $24,025 and taxes of $2,896 with outstanding mortgage balance of $260,837 it changes to standard deduction instead of itemized   

[AmyC]

Your numbers make sense for itemizing. You are not married filing separate? You need to make sure the box to take the standard anyway isn't checked.  You can fill this form out for someone to call you to have another set of eyes.