I am single and have annual property taxes of approximately $12,000. When I enter the value within Turbotax, there is no change to my tax refund. I would expect the refund value would increase in relation to the $10,000 maximum deduction. Please explain.
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You are probably already getting the Standard Deduction for Single 12,400. Or if you are itemizing there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".
You are probably already getting the Standard Deduction for Single 12,400. Or if you are itemizing there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".
I am itemizing, but no adjustment is occurring.
It's clear now.... local and state tax... it's unbelievable how much taxes we pay in the country. Once sales taxes are accounted for... well over 50% of my income goes to the government... I guess that's whom we work for
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