DEDUCTIONS

Forum|Forum|5 years ago
March 30, 2021
2 replies
10 views

I am using the 2020 deluxe version to do my taxes. It looks like I will get a better refund using the itemized deductions rather that the standard deductions, but it will not allow me to switch to that. How do I use the itemized deductions rather than the standard deductions?

Cynthiad66

Level 14

We automatically select 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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eharmon11Author

Level 2

I switched it to itemized decutions and the refund amount did go down. In looking at the deduction totals, the system is not correctly adding in the total mortgage interest I paid in 2020, which was $19,313. I added that amount in on the deductions section, but when I go to the summary page, it shows a mortgage deduction of only $9,261. Why is that?

DoninGA

Level 15

@eharmon11 wrote:

I switched it to itemized decutions and the refund amount did go down. In looking at the deduction totals, the system is not correctly adding in the total mortgage interest I paid in 2020, which was $19,313. I added that amount in on the deductions section, but when I go to the summary page, it shows a mortgage deduction of only $9,261. Why is that?

Look at the Schedule A Line 8a for the mortgage interest paid in Forms mode.

DoninGA

Level 15

You should be able to switch from the standard deduction to the itemized deduction in the program.

Complete the Deductions & Credits section of the program. Continue until you land on the screen showing that you are receiving the Standard Deduction. Click on the box Change my deduction. This should allow the itemized deductions to be used and you will see the meter at the top of the screen change.

If for some reason this does not change your deduction method, then click on Forms in the upper right on a TurboTax for Windows program.

When in Forms mode open the the Federal Information Worksheet (Info Wks on the left side of the screen) if not already open. Scroll down to Part VI of the worksheet. Check the box labeled Check this box if you are itemizing for state tax or other purposes...