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anfotero
New Member

Why am I getting the standard decuction? tax year 2020

 I paid 5537 in state income and local tax ,17282.63 in mortgage interest , 7619 in local taxes and 847 in mortgage insurance and it is calculating my itemized deductions at 23 K. I got 3079 state refund in 2019. 

5 Replies
AlanT222
Expert Alumni

Why am I getting the standard decuction? tax year 2020

What is your current filing status?

 

The standard deduction for married filing jointly is $24,800.  For single taxpayers and married individuals filing separately, the standard deduction is $12,400.  For heads of households, the standard deduction is $18,650. 

 

Depending on your filing status, the standard deduction could be more than your itemized deductions.  

 

If this is not the case, check to make sure your mortgage interest deduction is being calculated correctly.  We are experiencing an issue with the mortgage interest deduction when individuals have refinanced and have more than one 1098.   

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Neb2021
New Member

Why am I getting the standard decuction? tax year 2020

How do we "make sure"!??

WendyN2
Level 7

Why am I getting the standard decuction? tax year 2020

Once you are done entering all of your itemized deductions amounts in full, allow the system to calculate your allowable amounts by line item, then in total for your Schedule A (some categories of IDs are limited to a certain % above your AGI). If you take this figure and compare it to the standard deduction that the IRS has set forth for taxpayers for 2020,  you can see which is greater and this would (or should) be the one that the system selected for you.

 

Should you want to see what the system actually calculated for you, based on your entries, then do the following:

 

At the top of your screen, click on "File", then while you are on this "File" screen, click on "Print/Save for your Records". Click on "Save a PDF" and when it opens up a new window, under "Forms to Review or Keep for your Records", check the circle to the left of "Tax Return - All Calculation Worksheets". Scroll to the bottom of the window to the right of this pop up, and hi-lights "Compare to US Averages". Then click on "Print Preview Copy" and this will pop up a review of your return. If you scroll down almost to the very bottom (different for everyone based on how much/how little information your return contains) you will see a page titled "Compare to US Averages". At about the mid section of this page you will find the total of your Itemized Deductions. 

anfotero
New Member

Why am I getting the standard decuction? tax year 2020

How do I make sure the deduction is calculated correctly? I have gone through it and Turbotax is not adding it.  I will not get the full stimuli because of this.

 

 

DaveF1006
Expert Alumni

Why am I getting the standard decuction? tax year 2020

What is your filing status? Married Filing jointly, single, or Head of household?

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