Why standard standard deduction?

[marieyoung120]

Married, filing jointly, mortgage interest $19,314 on primary home only (mortgage far less than max allowed) other taxes $14,000+ (realize deductible max is $10K), plus other smaller deductions, yet TT says total is $24,381. How can this be correct? 

[VictoriaD75]

Review your Schedule A and Home Mortgage and Interest Worksheet. It is likely due to the mortgage interest. 

It is possible the mortgage interest is being limited. Or, if you refinanced your mortgage and took cash out, the interest may not be deductible. Interest is only deductible if the loan was used to "buy, build or substantially improve" the home that secures the loan.

The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filing separately).

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

For desktop versions:

• In Forms view, locate and click on Tax & Int Wks on the left from the forms list
• On the form, scroll to Mortgage Interest Limited Smart Worksheet
• Click on NO to the right of the question, Does your mortgage interest need to be limited

For online versions, after entering the 1098 interest information, continue through the screens and TurboTax will ask you if the interest needs to be limited.

Itemized deductions include medical expenses in excess of 7.5% of AGI, mortgage interest, state and local taxes including real estate taxes (capped at $10,000), and charitable contributions.

You can review the deductions in the Deductions & Credits section of TurboTax and see if anything pertains to your personal situation. TurboTax will assign the deduction that provides the best tax benefit for you.

What are Itemized Tax Deductions?