In turbo tax, can i create one tax return using it...
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jdejardin422
Level 2

In turbo tax, can i create one tax return using itemized deductions and another one using standard deduction and then file the one that better benefits me

 
2 Replies
MinhT1
Expert Alumni

In turbo tax, can i create one tax return using itemized deductions and another one using standard deduction and then file the one that better benefits me

Yes, you can if you create 2 different accounts.

 

However, in the vast majority of cases, if your itemized deductions add up to more than your standard deduction, it is better to use itemized deductions.

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xmasbaby0
Level 15

In turbo tax, can i create one tax return using itemized deductions and another one using standard deduction and then file the one that better benefits me

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

 

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income.  It is not a refund. 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

 

Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction amount

 

 

HOW TO FORCE ITEMIZED DEDUCTIONS

https://ttlc.intuit.com/questions/1900142-how-do-i-change-from-the-standard-deduction-to-itemized-or...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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