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How do I claim itemized deductions? What can I claim as an itemized deduction?

 
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How do I claim itemized deductions? What can I claim as an itemized deduction?

Go to this TurboTax Tax Tip website for a discussion of itemized deductions - https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/what-are-itemized-tax-deductions/L1p...

JamesG1
Expert Alumni

How do I claim itemized deductions? What can I claim as an itemized deduction?

The most commonly reported itemized deductions are:

 

  • Mortgage interest
  • Your state and local or sales taxes
  • Property taxes
  • Medical and dental expenses that exceed 7.5% of your adjusted gross income
  • Charitable contributions

Be advise that reporting Itemized deductions may require you to upgrade to another version of TurboTax.

 

Follow these steps to report itemized deductions In TurboTax Online:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Deductions & credits.
  • You may need to click on See all tax breaks.

See also this TurboTax Help here.

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How do I claim itemized deductions? What can I claim as an itemized deduction?

You will need to upgrade to Deluxe or higher to enter itemized deductions.  But usually your deductions are not more than the Standard Deduction since they doubled the Standard Ded several years ago. And several deductions can be limited like Medical.  You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. So it might take a lot to be worth entering.

 

And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT". SALT is State And Local Tax. Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

 

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 for 65 and over or blind (15,700)

HOH 20,800 + 1,850 for 65 and over or blind (22,650)

Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)

 

 

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