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174606-58pi
Returning Member

Why did TTax did not recognize the that the itemized deductions exceeded $24000 and prompted me for the STD deductions?

 
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Why did TTax did not recognize the that the itemized deductions exceeded $24000 and prompted me for the STD deductions?

You may not be calculating your itemized deductions correctly--the "raw" amounts are not what the IRS uses.  There are limits and thresholds that must be met for some things as well.

And the new higher standard deduction is affecting people this year in ways that shock them.  

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.  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 new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income.  It is not a refund 

2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older

Look at line 8 of your Form 1040 to see your standard or itemized deductions.

If you want to see the results of using itemized deductions anyway--try this.

HOW TO FORCE ITEMIZED DEDUCTIONS

https://ttlc.intuit.com/questions/1900142-how-do-i-change-from-the-standard-deduction-to-itemized-or...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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3 Replies

Why did TTax did not recognize the that the itemized deductions exceeded $24000 and prompted me for the STD deductions?

there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".  And you can only deduct Medical that’s over 7.5% of your AGI.  Also the deduction for job expenses have been suspended.

FAQ on 2018 changes <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">htt...>
174606-58pi
Returning Member

Why did TTax did not recognize the that the itemized deductions exceeded $24000 and prompted me for the STD deductions?

I'm sorry but that did not address my question. I'm aware of the  $10000 cap

Why did TTax did not recognize the that the itemized deductions exceeded $24000 and prompted me for the STD deductions?

You may not be calculating your itemized deductions correctly--the "raw" amounts are not what the IRS uses.  There are limits and thresholds that must be met for some things as well.

And the new higher standard deduction is affecting people this year in ways that shock them.  

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.  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 new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income.  It is not a refund 

2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older

Look at line 8 of your Form 1040 to see your standard or itemized deductions.

If you want to see the results of using itemized deductions anyway--try this.

HOW TO FORCE ITEMIZED DEDUCTIONS

https://ttlc.intuit.com/questions/1900142-how-do-i-change-from-the-standard-deduction-to-itemized-or...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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