I followed the instructions to change to itemize (federal), but TT continues to show that I'm taking the standard deduction. I've logged out and back in, but no change.
TurboTax is aware that this is happening to some users. The page looks like it did not change to itemized deductions. But if you look at your 1040 form in Line 12, you will see the correct entry for itemized deductions.
TurboTax is aware of this and it has been reported to our tech support team.
To see your return in online TurboTax you will need to be on a browser.
Click Tax Tools
Tools
Tax Summary
When your tax summary comes up, you will see Preview My 1040 in the panel on the left
Click on that and go to Line 12 to see the amount of your itemized deductions.
I did as suggested, but my return still shows the standard deduction
You can change from standard deduction to itemized.
TurboTax automatically selects the deduction that gives you the best outcome on your federal taxes. Most 2020 federal tax filers will be better off with the standard deduction versus the itemized deduction.
You can always switch to a different deduction. However, if you and your spouse are filing separate federal returns, both of you must take the same deduction per IRS rules.
Tip: It's best to hold off on switching until after you've finished going through the Deductions & Credits section. That way you can get an accurate picture of how both deductions affect your bottom line. Also, keep in mind that switching to the other federal deduction may impact your state tax return.
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I’ve done everything you state, multiple times and the program still shows the standard deduction when it should show itemize.
My problem is not a tax problem, but a software issue. I've now spent about 3-1/2 -4 hours on the phone with TT and no one has figured out how to solve the problem.
TT and I have come to a reasonable solution, but they have yet to fulfill their part of the bargain. I’m hoping I won’t have to spend more time on the phone with them.
I'm having the same issue and no the entry on line 12 is NOT correct. How do I fix this?
I'm having the same issue and no the entry on line 12 is NOT correct. How do I fix this?
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.
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.
I am having the same issue - it still hasn't been fixed! It is NOT better for me to go with the standard deduction. I need to itemize, turbo tax even suggests I itemize. I have gone through the ENTIRE program and viewed the forms - the program is still using the standard deduction!!!
@mbonomo32 wrote:
I am having the same issue - it still hasn't been fixed! It is NOT better for me to go with the standard deduction. I need to itemize, turbo tax even suggests I itemize. I have gone through the ENTIRE program and viewed the forms - the program is still using the standard deduction!!!
As I posted did you do this?
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
I have also called turbo tax repeatedly today - one rep hung up on me after I explained the problem. I'm guessing there is no fix? So much for the turbo tax guarantee of accurate taxes.
Yes - I owe taxes - The amount I owe is less with the itemized deductions than with the standard deduction. Itemized deductions is clicked. I have gone through the loop about 100 times, cleared my browser, updated my browser, tried a different browser, restarted my computer. It absolutely will not change. It is NOT correct in the forms.
@mbonomo32 wrote:
Yes - I owe taxes - The amount I owe is less with the itemized deductions than with the standard deduction. Itemized deductions is clicked. I have gone through the loop about 100 times, cleared my browser, updated my browser, tried a different browser, restarted my computer. It absolutely will not change. It is NOT correct in the forms.
When you use the Search Topics for "itemized deductions, choosing" (under "My Account, Tools" in the online versions). Click on "Change my deduction" what does it say?
Did you check what is on your 1040 tax return.
We can help you do that.
You can preview your 1040 tax return by going to:
You can compare the entry on line 12 to these published rates.
The standard deduction amounts for 2023 are:
For 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:
Please contact us again with any additional information.