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gustam
New Member

Mortgage interest and property taxes are a deduction from NY taxes, the program only give the standard deduction. What do I do to correct that?

on schedule A the mortgage interest and property taxes are clearly shown, I don't understand why it did not carry over to the NY state tax return. These amounts are $7,000 more than the standard deduction for NY. Please help

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2 Replies
ChristinaS
Expert Alumni

Mortgage interest and property taxes are a deduction from NY taxes, the program only give the standard deduction. What do I do to correct that?

Many itemizing taxpayers do not itemize on the New York return. You have to exceed the standard with property taxes, charity, interest, medical over 10%(or 7.5%), etc. On top of this, the itemized deductions adjustment on line 13 of the worksheet impacts many taxpayers. This removes some of the itemization benefit

For instance, if your NY Adjusted Gross Income is $150,000 and your filing status is single, your adjustment would remove 25% of your total NY itemized deductions from being usable.

This is the worksheet:

https://www.tax.ny.gov/pdf/current_forms/it/it201d.pdf

You can see the adjustment worksheet on page 39 of the instructions:

https://www.tax.ny.gov/pdf/current_forms/it/it201i.pdf

ChristinaS
Expert Alumni

Mortgage interest and property taxes are a deduction from NY taxes, the program only give the standard deduction. What do I do to correct that?

We cannot see the content of your return, of course, but I do have confidence that Turbo Tax is producing the correct result. Please compare your income and deductions with these worksheets.

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