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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
posted
June 3, 2019
11:41 AM
last updated
June 03, 2019
11:41 AM
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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
You have to look at your allowable deductions. For example, you can only deduct medical expenses that exceed 7.5% of your AGI. And under the new tax law your deduction for state and local taxes is limited to a total of $10,000.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 3, 2019
11:41 AM
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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
The $10,000 limit includes Property taxes as well.
And Charitable is limited to a percent of your income.
And Charitable is limited to a percent of your income.
June 3, 2019
11:41 AM
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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
Our deductions are as follows:
Property taxes - $7,900
Medical expenses - $11,600
Donations - $9,100
Local sales taxes (Texas) - $1,700
Property taxes - $7,900
Medical expenses - $11,600
Donations - $9,100
Local sales taxes (Texas) - $1,700
June 3, 2019
11:41 AM
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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
AGI is $150,000.
June 3, 2019
11:41 AM
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According to my calculation we have about $35,000 in itemized deductions in 2018. TurboTax wants us to take the standard deduction of $25,300. Why is that?
7.5% of $150,000 is $11,250 so medical of $11,600 leaves $350 as a deduction. Adding your other deductions is $11,150 total itemized - far short of the standard deduction.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 3, 2019
11:41 AM
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