Yes, TurboTax does the heavy work in determining whether to itemize or use standard deduction, and if itemizing, it will determine the limits and how much will count or not.
Of course, you should print out your return and review everything prior to filing, including the Schedule A where you can review the deductions.
I don't know "when" you plan to efile, but be aware that efiling this early can have some hazards. Of course, you should be sure you have received all your W-2's, any Forms 1099, etc. prior to filing.
Some of the return forms may not be finished yet anyway and available for efiling until a few more days.
Federal forms availability dates:
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The IRS will not start processing returns until January 29. If you efile before then, your return will just sit stockpiled on TurboTax servers until the IRS starts pulling them on January 29 (except for a few test returns pulled early.) You won't be able to retrieve the return if you notice a mistake, get an additional W-2, 1099, etc. If you efile at this early point in time and need to change something, you'd have to wait until after January 29 to first find out if your return was accepted or rejected. If rejected, you could make any change and resubmit. If accepted, that would require waiting on any refund, then preparing an amended return, which can be a hassle.
Also, if you have EIC (earned income credit, aka EITC) or ACTC (additional child tax credit), the IRS will start processing them on Jan. 29, but will not start releasing those refunds until February 15. That means people with those types of credits may not start receiving their refunds until around February 27.
