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swcobb3
New Member

Entering my property taxes is not reducing my overall tax, is there a problem with the software?

 
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1 Reply
HelenaC
New Member

Entering my property taxes is not reducing my overall tax, is there a problem with the software?

There may be a few reasons why entering your property taxes may not increase your refund or reduce your tax:

  1. The standard deduction amount is greater than your combined Itemized deductions. See additional information below for the 2015 Standard Deduction Amounts.
  2. You may be subject to Alternative Minimum Tax and are not allowed to deduct real estate taxes. See additional information below on the Alternative Minimum Tax.

To see if TurboTax is using the standard deduction or itemized deductions, you can preview your 1040. Follow these steps:

  • Click on My Account
  • Click on Tools
  • In the same row as Tax Timeline, choose Preview my 1040
  • Scroll down to Line 40 for Form 1040 or Line 24 for Form 1040A
  • To get out of Preview my 1040, click the back button that is in the same row as Tax Timeline


2015 Standard Deduction Rates:

https://ttlc.intuit.com/replies/4208574


Alternative Minimum Tax:

https://ttlc.intuit.com/replies/3299960

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