What is Schedule A?
The IRS lets you take either the standard deduction or the itemized deduction. If you itemize, we'll automatically fill out Schedule A, Itemized Deductions and switch you over to the 1040 long form.
Schedule A lets you report certain deductible expenses like:
· Medical and dental costs above and beyond 7.5% of your AGI
· State, local, real estate, and personal property taxes
· Home mortgage interest
· Charitable donations and gifts
Casualty losses (losses caused by a sudden, unexpected, or unusual event) to personal property are only deductible if covered by specific federal disaster declarations.
After you finish going through the Deductions & Credits section, we'll recommend whichever deduction – standard or itemized – gives you the biggest tax break. But you can always override our recommendation if you wish.
Schedule A is supported in the paid versions of TurboTax.Related Information: https://ttlc.intuit.com/replies/4208574
Since the 2018 standard deduction has increased, very few taxpayers will have any advantage in itemizing.
The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2018—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.
To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses
2018 Standard Deductions:
Single $12,000 (+ $1600 65 or older)
Married Filing Separately $12,000 (+ $1300 65 or older)
Married Filing Jointly $24,000 (+ $1300 each spouse 65 or older)
Head of Household $18,000 (+ $1600 65 or older)