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WG1
New Member

I put over $36,000 in property taxes into TurboTax and it only changed the amount due/refund by $8. Is there something wrong in TurboTax?

 
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I put over $36,000 in property taxes into TurboTax and it only changed the amount due/refund by $8. Is there something wrong in TurboTax?

If you are subject to the Alternative Minimum Tax (AMT)- In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.

The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your information including all income and expense/deductions.

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I put over $36,000 in property taxes into TurboTax and it only changed the amount due/refund by $8. Is there something wrong in TurboTax?

If you are subject to the Alternative Minimum Tax (AMT)- In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.

The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your information including all income and expense/deductions.

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