Itemized Deductions vs Standard Deductions

Forum|Forum|4 years ago
March 28, 2022
2 replies
30 views

My itemized deductions (mortgage interest, charitable contributions, and $10,000 state tax cap) are greater than the $25,000 standard deduction for my spouse and me, but the software is forcing me to take the standard deduction. What gives?

rjs

Level 15

Are you looking at the actual total itemized deductions on Schedule A line 17? It will generally be less than the amounts that you entered. Other deductions besides state and local tax can be limited. Only medical expenses in excess of 7.5% of your AGI are actually deductible. Deductions for home mortgage interest and charitable contributions can also be limited in some cases.

How much greater than the standard deduction are your itemized deductions? What is the exact amount of your itemized deductions on Schedule A line 17? Your standard deduction is $25,100, not $25,000, if both of you are under 65 and not blind. Also, how much are your charitable contributions? Up to $600 of charitable contributions can be added to the standard deduction, so the standard deduction could be better unless your itemized deductions are more than $25,700. TurboTax takes that into account.

VolvoGirl

Level 15

If it's giving you the Standard Deduction and not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

Tax Tools on left

Tools - Topic Search (top left box)

Type in itemized deductions, choosing. It should highlight that in the list, click on GO

Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction. (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.

How to change between the Standard Deduction and Itemized Deductions

https://ttlc.intuit.com/community/accessing/help/how-do-i-change-from-the-standard-deduction-to-itemized-or-vice-versa/00/25831