Deductions

Did you miss the spot where you can ask TurboTax to let you enter your itemized deductions?

If you itemize you no longer qualify for free TurboTax. (Click on "Simple tax returns only" under the offer on the TurboTax home page.) Perhaps that's why you missed it?

I had to reinstall my Turbotax.  Now working as expected.

I have over 45,000 in deductions.  and was given 12,800 for the credit.  I like the deduction amount better.  nothing is being deducted

reply to myself, I am going back and itemize.  I don't trust what I am looking at.  thanks for the support

How do you know whether to choose standard deductions or itemized deductions when given the two options?

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@Bridge22 wrote:

How do you know whether to choose standard deductions or itemized deductions when given the two options?

 

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Only about 9% of all taxpayers will have more itemized deductions then their standard deduction.

Do you think you will have more itemized deduction then the standard deduction for your filing status?

Standard deductions for 2021

Single - $12,550 add $1,700 if age 65 or older
Married Filing Separately - $12,550 add $1,350 if age 65 or older
Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
Head of Household - $18,800 add $1,700 if age 65 or older

I would like to go back and itemize deductions

@Bva53, please follow the steps below:

1. Click on Tax Home from left Side Menu.
2. Click on Deductions & Credits from main screen.
3. Scroll to the bottom and you should see an option for Wrap up tax breaks.
4. It will then tell you based on your information, whether you will benefit from Standard deduction or itemized deduction. Scroll to the bottom and there is an option "Change my deduction" which will allow you to choose the option. However, in most cases it is beneficial to pick the higher of the two and you should only pick itemized deduction if it is greater than standard deduction (exceptions apply).