Itemized 19k but says take 14k standard?

[davephx]

I have CPA background and I am stumped after reading some of the posts on why TT saying Std deduction of  14,050 is best when without medical since limited etc I have below $19,857 of limited (no cash out mortgages just refinances and only about $355k not over $750k

State And Local Income/Sales Taxes
$5,830.00
Real Estate Taxes
$1,448.00
Personal Property Taxes (Including Car Reg Fees)
$538.00
All Deductible Interest
$11,861.00
Total Deductible Charity
$180.00
Itemized Deductions
$19,857.00

[davephx]

I should have said don't see how any of the $19k are limited.

[VolvoGirl · Accepted solution]

Maybe some of your deductions get to go to Schedule C for your self employment income?

If it's giving you the Standard Deduction and  not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

Tax Tools on left

Tools - Topic Search (top left box)

Type in  itemized deductions, choosing.  It should highlight that in the list, click on GO

Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction.  Then I guess you could download the pdf and it should have Schedule A.  (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.)

How to change between the Standard Deduction and Itemized Deductions

https://ttlc.intuit.com/community/accessing/help/how-do-i-change-from-the-standard-deduction-to-item...

[macuser_22]

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@davephx wrote:

I should have said don't see how any of the $19k are limited.

---

For 2018 - 2020 many taxpayers that itemized in the past will find that they can no longer itemize because the standard deduction has doubled so all of their itemized deduction s no longer exceed the standard deduction.

Only if all itemized deductions exceed the standard deduction will it be of benefit.

Not all itemized deductions count the full amount. Medical expenses are reduced by 7.5% of AGI so if your AGI is $30,000, for example, then only medical expenses more than $2,250 would be an itemized deduction.

The 2018 tax law also caps the total of Sales tax OR State and local income tax, Property (real estate and personal property) taxes at $10,000.

Mortgage interest on loans after Dec 16, 2017 may be limited.

The Mortgage must be secured by the property to qualify.

Interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer’s home that secures the loan.

You can check the actual amount of itemized deductions by using the Search Topics for "itemized deductions, choosing" (under "My Account, Tools" in the online versions). Click on "Change my deduction". 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.

You can then print schedule A to see the calculations.


2020 standard deductions

$12,400 Single
$18,650 Head of Household
$24,800 Married Jointly

Add an additional $1,300 for over age 65 or blind
This amount increases to $1,650 if the taxpayer is also unmarried.

[davephx]

Thanks, I will check all that.   I have an office in home but the interest expense itemized is the net after the home office percentage so assumed anything from Sch C was also adjusted.   

On the other reply, I have none of the normally limited items. i.e. no medical show since under limit (will be good for AZ, however).  On the service don't see what could be on Sch C but will continue and check out via your good suggestions.

[macuser_22]

Self employed home office and personal itemized deductions are not the same and get entered in different places.

[davephx]

Agreed and I did have all the % use etc from 2019 and the itemized interest is the net after the business portion of the home which is on Sch c via the 88xx former whatever it is

[Hal_Al]

Other possibilities:

Investment interest is only deductible to the extent of investment income.  

The charitable donation should go on line 10b of form 1040, instead of schedule A, since it is less than $300

[Critter-3]

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.