why is the total so much less than last year? I entered the same amount of itemized deductions.
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Several thoughts:
1. There are no more Personal Exemptions (deductions) of $4,050 per person.
2. Do not confuse Schedule A (personal) deductions with Schedule C (business) ones. Only Schedule A ones are compared to the Standard deduction to see which is higher.
3. Under the new tax law, the Schedule A deduction for State/Local/Sales/Property tax combined is capped at $10,000.
4. Mortgage interest is limited, depending upon its use.
5. If claiming Mortgage Interest, be sure to say that the mortgage is secured by the property.
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