My itemized decuctios are more than the $24,000 but turbotax is not giving me the itemized decutions, saying the standard decutions are more, why?

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My itemized decuctios are more than the $24,000 but turbotax is not giving me the itemized decutions, saying the standard decutions are more, why?

The recent changes in 2018 may have resulted in the standard deduction?being?more advantageous to you.

Starting in 2018 the standard deduction is as follows:

Single/Married Filing Separate- $12,000

Head of Household- $18,000

Married Filing Joint- $24,000

If your standard deduction is higher TurboTax would utilize that vs itemizing.

A few things that have also changed for 2018

*State and local taxes are now capped at $10,000 per year (this includes property tax)

*Mortgage interest (if the mortgage was taken out after 12/15/17) is capped at $750K, at this point it starts to prorate.

*Medical deductions can only be deducted if they exceed 7.5% of adjusted gross income

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My itemized decuctios are more than the $24,000 but turbotax is not giving me the itemized decutions, saying the standard decutions are more, why?

The recent changes in 2018 may have resulted in the standard deduction?being?more advantageous to you.

Starting in 2018 the standard deduction is as follows:

Single/Married Filing Separate- $12,000

Head of Household- $18,000

Married Filing Joint- $24,000

If your standard deduction is higher TurboTax would utilize that vs itemizing.

A few things that have also changed for 2018

*State and local taxes are now capped at $10,000 per year (this includes property tax)

*Mortgage interest (if the mortgage was taken out after 12/15/17) is capped at $750K, at this point it starts to prorate.

*Medical deductions can only be deducted if they exceed 7.5% of adjusted gross income

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