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?

[Ziggy123]

Hello,

While I know 2018 tax season is long gone.  This is something that didn't sit right with me when filing this past year.  TurboTax didn't itemize for me.  In reading about it now, it seems like it should have.

My interest was $21K (with the total value of my loan below the $1M threshold... actually, below the $750k threshold).  My property tax was $14K.  I also had some other misc. deductions, but even if I only take these two and if I assume there is a max of $10k allowed for property tax, that still totals more than $24k in deductions.  

Am I missing something?

Thank you!

[VolvoGirl · Accepted solution]

You are probably being limited by 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.

And Deductions for job expenses have been suspended with the new tax act.  See Deductions that have been suspended for 2018

https://ttlc.intuit.com/community/tax-reform/help/which-federal-tax-deductions-have-been-suspended-b...

FAQ on 2018 changes

https://ttlc.intuit.com/community/tax-reform/help/how-will-tax-reform-affect-my-federal-tax-return/0...

Are you using the Desktop program?

If it's giving you the Standard Deduction and  not showing you Schedule A you can check it 4 ways.

1 You can switch to Forms Mode and open A from the top of the left column Open Form and pick schedule A out of the list on the right side.

2 The easiest way is to go up to Show Topic List on the top bar and scroll down the list to

Standard Deduction vs Itemized Deductions

That takes you directly to the

The Standard [or Itemized] Deduction is Right for You screen

3 You can check the actual amount of itemized deductions by going up to Search and type in

itemized deductions, choosing

Then click on Jump to itemized deductions

Click on "Change my deduction.

4 OR go up to Federal (Personal for H&B)

Deductions and Credits

Click on Done with Deductions at bottom

Continue on though 3 screens and you will get to the Standard Deduction is right for You screen

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.

[VolvoGirl]

Did you answer the new questions for mortgage interest?

I believe there is a new question or two you have to answer to get the mortgage interest deduction.  Like maybe put in your ending balance.  Go back through that section.

User posted back.....Two questions on the last two data entry pages for that item:  one asking if the loan was secured by the property purchased with the mortgage (my home) and the next asking if the money had been used to build or purchase the home.  I suspect both these are qualifying questions for deductibility.  

[Ziggy123]

Thank you so much for the effort in responding to me.  I went through all the parts you shared for my "research" and discovered that I had clicked "no, my loan isn't secured".  I did this because box 7 wasn't checked on my 1098; however, the hints section in TurboTax states that if there is an address in box 8 (which there is and of course this loan is secured), then I would click yes.  This changes everything and now I can itemize.  I guess it is time to re-file:-).  

Thanks again!

[VolvoGirl · Accepted solution]

Do you need to amend?  First put your return back to the way it was when you originally filed.  Then make a copy of it to amend in so you don't lose the original one.

How to amend a Desktop return

https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return-in-the-turbotax-cd-download...