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deductions and credits

when I completed my income and wages information I had a credit of $486.00, then I entered my deductions. Mortgage interest, $3663 on change. Property taxes, $ 2536 no change. Child tax credit $500 no change. Donations to charity $1000 no change. Job related expenses 3653 no change. Did I miss something, these items usually increase my amount but didn't. What's up 

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3 Replies

deductions and credits

A dependent tax credit is not an itemized deduction.

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2019

  • Single - $12,200 add $1,650 if age 65 or older
  • Married Filing Separately - $12,200 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,350 add $1,650 if age 65 or older

deductions and credits

Now that the Standard Deduction is higher many people will be switching to the Standard Deduction.  And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".  And you can only deduct Medical that’s over 7.5% of your AGI.

 

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind (13,850)

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

 

If it's giving you the Standard Deduction and  not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

Tax Tools on left

Tools - Topic Search (top left box)

Type in  itemized deductions, choosing.  It should highlight that in the list, click on GO

 

Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction.    (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.

 

How to change between the Standard Deduction and Itemized Deductions

https://ttlc.intuit.com/community/accessing/help/how-do-i-change-from-the-standard-deduction-to-item...

rjs
Level 15
Level 15

deductions and credits

The tax reform law eliminated the deduction for job-related expenses for years 2018 through 2025. The other itemized deductions that you listed add up to $7,199, which is less than the standard deduction for any filing status. So TurboTax is giving you the standard deduction because you pay less tax, or get a bigger refund, that way.

 

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