I got a new roof on my house thanks to Hurricane Sally. The deductible was about $7000 for a net out-of-pocket. I do not have enough other costs to itemize so TT assigns the standard deduction. But TT then adds the loss from a Qualified Disaster on top of that resulting line 12 of Form 1040 including the standard deduction plus the loss. Is this correct? Seems weird.
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Yes, that's correct.
As part of tax reform relief for those affected by natural disasters, you can now deduct your total loss (minus $500 and any amount covered by insurance) along with your usual Standard Deduction
Yes, that's correct.
As part of tax reform relief for those affected by natural disasters, you can now deduct your total loss (minus $500 and any amount covered by insurance) along with your usual Standard Deduction
Lucky me.... I was just going to ignore Schedule A inputs but my state (Alabama) doesn't have as big a standard deduction as the Federal law so I was filling in the blanks and then, "SHAZAM!"
I love Turbo Tax!
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