Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
hebrew135
New Member

My itemized deductions (32,600) are more than my standard deductions but Turbo tax is making me select the standard deduction. Anyone know of any reasons why?

 
3 Replies
xmasbaby0
Level 15

My itemized deductions (32,600) are more than my standard deductions but Turbo tax is making me select the standard deduction. Anyone know of any reasons why?

Are you making the common mistake of just adding up all the amounts for your itemized deductions without considering the caps and thresholds that must be met?

 

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

 

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income.  It is not a refund. 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
hebrew135
New Member

My itemized deductions (32,600) are more than my standard deductions but Turbo tax is making me select the standard deduction. Anyone know of any reasons why?

Thank you for responding. @xmasbaby0 

 

My local property taxes are less than 10k, my charitable contributions are not more than 50% of my AGI, my interest does not amount to a debt more than 750k.

 

It won't even let me choose to switch.

 

What else am I missing? Is it a glitch?

xmasbaby0
Level 15

My itemized deductions (32,600) are more than my standard deductions but Turbo tax is making me select the standard deduction. Anyone know of any reasons why?

HOW TO FORCE ITEMIZED DEDUCTIONS

https://ttlc.intuit.com/questions/1900142-how-do-i-change-from-the-standard-deduction-to-itemized-or...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Dynamic AdsDynamic Ads
Privacy Settings
v