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lsdykh93
New Member

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

 
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lsdykh93
New Member

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

Medical expenses, real estate tax paid, charity donations, mortgage interest paid.  These are my tax breaks but TT says my itemized deductions are about $3,000 less than the amounts I entered.

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4 Replies

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

What specific tax breaks are you referring to? Some tax breaks have no relation to itemized deductions.

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

There are some limits on some of these deductions. For medical expenses, only the amount in excess of 7.5% of your AGI can be deducted. For the SALT category which includes real estate taxes and state and local income taxes or state and local sales taxes, the limit is $10,000. There are also some mortgage interest limits that don't affect most filers. Does this explain the shortfall of about $3000?
lsdykh93
New Member

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

I'm not sure but thank you for the information
lsdykh93
New Member

Why don't the amount of the 5 tax breaks shown equal the amount of the itemized deductions?

Medical expenses, real estate tax paid, charity donations, mortgage interest paid.  These are my tax breaks but TT says my itemized deductions are about $3,000 less than the amounts I entered.

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