Itemized deductions not totaling correctly

[Weise]

I entered all of my itemized deductions (Property Tax $6135, Donations $2454, Medical Expenses $28,235), but the total only includes $16,738 of the Medical expenses and therefore it is picking the Standard Deduction of $30,700 even though my itemized deductions total to $36,824.

Any suggestions?

[DoninGA]

Only the amount of medical expenses greater than 7.5% of your AGI will be used for the itemized medical expense deduction.  This is what probably reduced your total itemized deductions below the Standard Deduction for your filing status.

[xmasbaby0]

Did you read the rules for medical expenses carefully?

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2023—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

[Weise]

Okay, I see that calculation on 2022's return came to $15,785 compared to to $16,738 this year but still very confused how we owe $7000 more in taxes for 2023, on similar retirement withdrawals and taxes paid. note: Turbotax chose Itemized Deductions for 2022

[Weise]

I see the standard deduction from 2022 to 2023 went up $1800 and we also gained $1500/person for turning 65, so that increased our standard deduction from $25,900 to $30,700, which is now more than our usual itemized deductions of $28,676, which is why TurboTax previously always used our itemizations but is using the Standard deduction for 2023. We have ALWAYS itemized in the past.

[JohnB5677]

I am confident that TurboTax selected the proper deduction for you: 

however, what concerns me is that you said you owe $7,000 more in 2023 than you did in 2022.  

That gap would not be caused by the deduction.

I suggest that you go back through your paperwork (especially 1099-R's) and 

see if you had taxes withheld that you didn't include on your tax return.

This will be in Box 4 of the 1099-R.

If you have your 2022 tax return, you can compare it with the 2023.

You can preview your tax return by going to:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2 & 3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

Please contact us again with any additional questions or to provide some additional details.