TT Premier 2024 Change Deduction

[ecklesw]

FAQ suggests there is a way to between between itemized and standard deduction.  Points to 'Deductions & Credits' Tab under 'Federal Taxes'.  There is mention of a box to check, something like "change my deduction" box.  There is no box that I can see/find.  So how do I compare between itemized and standard deductions in Turbo Tax Premier in 2024.

[DoninGA]

Since you are using the TurboTax desktop editions follow this procedure

Click on Federal Taxes

Click on Deductions & Credits

Click on I'll choose what I work on

Scroll down to the bottom of the Deductions & Credit page and click on Done with Deductions.

There will be a series of screens to review and then you will land on the screen to change your deduction

[xmasbaby0]

CHANGE FROM STANDARD OR FORCE ITEMIZED DEDUCTIONS

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/change-standard-d...

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the tax laws that have been in effect since 2018, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)