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New standard deduction should be better for me, but TurboTax says I should take itemized. Anyone know why? Is their system updated with the $10K single filer cap?

The new 2018 standard deduction ($12K) should be better for me (single filer), but TurboTax says I should still itemize (even though itemized is $20K for me, I thought it was capped at $10K). 

Anyone know what's going on? Is TurboTax updated with itemized cap of $10K for a single filer? 

Thanks in advance

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1 Best answer

Accepted Solutions
DanaB
Expert Alumni

New standard deduction should be better for me, but TurboTax says I should take itemized. Anyone know why? Is their system updated with the $10K single filer cap?

The $10,000 cap applies only to the state, local, real estate, and personal property taxes.


Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes (capped at $10,000)
  • Home mortgage interest

  • Charitable donations and gifts

View solution in original post

2 Replies
DanaB
Expert Alumni

New standard deduction should be better for me, but TurboTax says I should take itemized. Anyone know why? Is their system updated with the $10K single filer cap?

The $10,000 cap applies only to the state, local, real estate, and personal property taxes.


Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes (capped at $10,000)
  • Home mortgage interest

  • Charitable donations and gifts

New standard deduction should be better for me, but TurboTax says I should take itemized. Anyone know why? Is their system updated with the $10K single filer cap?

Got it, thanks for the response!
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