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The recent changes in 2018 may have resulted in the standard deduction?being?more advantageous to you.
Starting in 2018 the standard deduction is as follows:
Single/Married Filing Separate- $12,000
Head of Household- $18,000
Married Filing Joint- $24,000
If your standard deduction is higher TurboTax would utilize that vs itemizing.
A few things that have also changed for 2018
*State and local taxes are now capped at $10,000 per year (this includes property tax)
*Mortgage interest (if the mortgage was taken out after 12/15/17) is capped at $750K, at this point it starts to prorate.
*Medical deductions can only be deducted if they exceed 7.5% of adjusted gross income
The recent changes in 2018 may have resulted in the standard deduction?being?more advantageous to you.
Starting in 2018 the standard deduction is as follows:
Single/Married Filing Separate- $12,000
Head of Household- $18,000
Married Filing Joint- $24,000
If your standard deduction is higher TurboTax would utilize that vs itemizing.
A few things that have also changed for 2018
*State and local taxes are now capped at $10,000 per year (this includes property tax)
*Mortgage interest (if the mortgage was taken out after 12/15/17) is capped at $750K, at this point it starts to prorate.
*Medical deductions can only be deducted if they exceed 7.5% of adjusted gross income
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