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Level 1
March 4, 2022
Question

Itemized deductions

  • March 4, 2022
  • 2 replies
  • 12 views

I itemized the deductions and the amount is above the $26500 standard deduction but it says the standard deduction is best.  Also, when it shows the summary of itemized deductions it shows a zero in the following areas: mortgage interest, donations to charities, real estate taxes, state and local income taxes even though I inputed amounts in each area that add up to more the $26,500.  Should it at least show the amount inputed for each deduction to compare to the $26,500?  I am totally confused.

    2 replies

    VolvoGirl
    Level 15
    March 4, 2022

    Some deductions are limited now.

     

    There is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".  SALT is State And Local Tax.  Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

     

     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

    VolvoGirl
    Level 15
    March 4, 2022

    And how did you figure 26,500 Standard Deduction?  Are you married?  Are you each over 65?  The Standard Deduction might be more than you think.

     

    For 2021 the standard deduction amounts are:

    Single 12,550 + 1,700 for 65 and over or blind (14,250)

    HOH 18,800 + 1,700 for 65 and over or blind

    Joint 25,100 + 1,350 for each 65 and over or blind

    Married filing Separate 12,550 + 1,350 for 65 and over or blind

    VolvoGirl
    Level 15
    March 4, 2022