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Doing my 2018 taxes. Everything pretty much the same except the program is ignoring my itemized mortgage interest and substituting the standard deduction. Any idea why?
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Doing my 2018 taxes. Everything pretty much the same except the program is ignoring my itemized mortgage interest and substituting the standard deduction. Any idea why?
One of the biggest changes the new tax law brings is a near doubling of the standard deduction to $12,000 on single returns, $18,000 for head-of-household filers and $24,000 on joint returns ... up from $6,350, $9,350 and $12,700 in 2017. Individuals age 65 or older and blind people continue to get an additional standard deduction of $1,300 more per person ($1,600 if unmarried).
Your standard deduction is higher than your itemized deductions so TurboTax switched to the standard deduction for the marital status you are in to get you a better refund or to reduce the tax you owe.
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