Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jamesetracy
New Member

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

Mtg int 7,538, Prop tx $7,176, Donat $4,406, Medical $18,381.  AGI $121,713, Std ded $26,600.
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

Ok your standard deduction is $26,600

From the question and comments you have these approx amounts

Medical  $9,300  (after reduction for 7.5% of AGI)

Mortgage interest  $3,800

Property taxes  $7,200

Contributions $4,400

This totals = $24,700 which is close to standard of $26,600 but less. 

TurboTax will take the higher of the two and give you the one that benefits you the most.

View solution in original post

6 Replies
MichaelL1
Level 15

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

If that is your medical gross deductions they get reduced by 7.5% of the your AGI, so that is over $9,000 reduction and that will put you below the standard deduction.
MichaelL1
Level 15

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

Well you would be at around $27K if I figured it right.  I wonder if you are getting credit for all the mortgage interest.
jamesetracy
New Member

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

How would I know?  Regular mtg int $2,800 and Home Eq  $598.
MichaelL1
Level 15

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

You listed $7,538 in question, but it is really $2,800 and $598 correct?
jamesetracy
New Member

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

In addition there is $414 points to total $3811.91.  Rather than the &7,538 listed on the recap form (2018 Deductions and Credits.  That is probably the reason for the confusion.  Thanks for your help.
MichaelL1
Level 15

Eligible deductions exceed the standard deduction. Why wont Turbo Tx allow the higher number?

Ok your standard deduction is $26,600

From the question and comments you have these approx amounts

Medical  $9,300  (after reduction for 7.5% of AGI)

Mortgage interest  $3,800

Property taxes  $7,200

Contributions $4,400

This totals = $24,700 which is close to standard of $26,600 but less. 

TurboTax will take the higher of the two and give you the one that benefits you the most.

Dynamic AdsDynamic Ads
Privacy Settings
v