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posted Nov 13, 2023 4:19:30 PM

Mortgage interest is higher than Standard but TT recommends Standard Deduction

Turbo Tax doesn't seem to be taking into account my Mortgage Interest. My mortgage interest is a couple hundred less than the standard deduction.  With other deduction Turbo Tax is showing Total Deductions of $5k more than the Standard but still wants me to take the Standard. I don't get it. 

0 2 575
2 Replies
Level 15
Nov 13, 2023 5:35:42 PM

@MJohnson1234 

 

1) what is your filing status?

2) how much is the mortgage (be exact); how much isz a) medical bills, b) state and local taxes c) controbutions

 

remember that the only part of the medical expenses that are deductible is the part that exceeds 7.5% of your AGI.  For most, nothing is deductible.  is this the issue? 

Level 15
Nov 13, 2023 5:49:17 PM

Look at Schedule A, not the summary screens in the Step-by-Step interview. Schedule A is filled out, and you can look at it in forms mode, even if you are using the standard deduction. What are the exact amounts on Schedule A line 8e and line 17? What is the amount of your standard deduction on Form 1040 line 12?