Itemized Deductions

Forum|Forum|6 years ago
February 24, 2020
9 replies
32 views

Why is the program defaulting me to a standardized deduction even if my itemized deductions are higher. How can i change that?

Chintan

TurboTax Deluxe Online

Best answer by DoninGA

@DoninGA

Thanks, I have reviewed and deleted and entered the information again, but does not more my refund or amount I owe for federal purposes? Its just capping me at standard, is this a glitch with the system... How can i fix this?

@chintan85 wrote:

@DoninGA

Thanks, I have reviewed and deleted and entered the information again, but does not more my refund or amount I owe for federal purposes? Its just capping me at standard, is this a glitch with the system... How can i fix this?

Look at the Schedule A. Click on Forms in the upper right of the desktop program screen.

Is the amount you entered for Mortgage Interest shown on the Schedule A Line 8a and on Line 10?

DoninGA

Level 15

TurboTax will give you either the Standard Deduction or Itemized Deduction, whichever is higher.

Is your Itemized Deduction really greater than the Standard Deduction.

Click on Federal on the left side of the program screen.

Click on Deductions and Credits at the top of the program screen.

Scroll down to the bottom of the page and click on Wrap up tax breaks

The following screen shows the Standard and Itemized Deductions. Which is greater?

chintan85Author

Level 2

@DoninGA thanks for your feedback. I was able to follow through Deductions and Credit but was not able to go to the last step. I am using the software on my computer. Yes my itemized are higher ~55K vs. standard $24,400. I looked at it further, its capping my home interest deduction and I have answered all the questions correctly. Its a loan secured by my residence, not a HELOC etc.

DoninGA

Level 15

@chintan85 wrote:

@DoninGA thanks for your feedback. I was able to follow through Deductions and Credit but was not able to go to the last step. I am using the software on my computer. Yes my itemized are higher ~55K vs. standard $24,400. I looked at it further, its capping my home interest deduction and I have answered all the questions correctly. Its a loan secured by my residence, not a HELOC etc.

Okay...Your post is showing you using the Deluxe online edition.

Anyway, go back through the Mortgage Interest section and review the questions and answers. Your interest should not be capped if your total mortgage debt is $750,000 or less. Mortgages and refinances taken out before December 16, 2017 are grandfathered in at the $1 million debt limit.