I'm curious if anyone else is running into this issue and/or knows the solve...
Turbotax has a "State and local taxes greater than $40,000" line item that is making an adjustment to my itemized deduction amount. The problem is that the math doesn't add up - my personal property, real estate, a state & local income tax are above $40k, but the amount is less than half of the adjustment that Turbotax is making. So it seems to be reducing my itemized deduction by more than it should.
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What are the exact amounts on Schedule A lines 5a through 5e, 6, and 7? Which amount do you think is wrong?
I found the issue ... replying here in case others have the same question. Looks like there's an income qualifier that kicks in and directs you to a worksheet to do an alternative calculation. I couldn't see this in the TurboTax tool, but it is stated on the form.
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