My AGI is over $1mil and I have a substantial amount of mortgage interest, investment interest expense, and charitable donations totaling close to $100k. When I file for NYS, for some reason, turbo tax is defaulting to standard deduction around $11k. I am aware that the itemized deduction amount is reduced after $1mil threshold but I should still come out much better with itemized deduction. I looked around for solutions to override this on Turbotax Desktop and it isn't letting me on NYS form. In federal work sheet there is an option to choose "itemize even though it's less than standard deduction" and I re-did my NYS worksheet with no change whatsoever. Since it's defaulting to the standard deduction, I can't even access my IT-196 form. If anyone had a similar experience, please let me know!
In forms mode, you can review additional forms, schedules, and worksheets that aren't included in your return by searching for that form, schedule, or worksheet.
In the top left corner, click the button that says Open Form.
In the box that pops up, type the form you're looking for.
Scroll down to find the correct form, click on it, and choose Open. You should be able to see how the form is completed.
It sounds like you may have some limitations and adjustments that are reducing your itemized deductions below the standard deduction. Reviewing the Form IT-196, the Item Dedns Wks, and the ItemDedAdj (196) Wks could provide the detail you need to understand why TurboTax chose the standard deduction. In most cases, you can right click on the numbers on the field and click Data Source from the menu to figure out where the number on a particular line came from.
If you'd like, we can look at your return and see exactly what you see to help come to a resolution. The return will be scrubbed and won't include any of your personal details.
If you're using TurboTax Online:
Once you're logged in to your account and have your amended return open,
- on the left hand panel, click on Tax Tools and then choose Tools
- on the pop up window, select Share my file with Agent
- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.
- click okay and you'll get another message with a token
If you're using TurboTax Desktop:
Please reply to this message with your token so that we can further assist you. Let us know all other states that are included on the return.