I have 2 kids, live in NY.
TurboTax calculates the taxes due/refund within $1,000 of each other, so I guess it's close, but I can't imagine it's close at all given.
I've got $3,000 in capital losses, and some AMT credit from previous years, but I don't think those even factor in?
The AMT credit looks like it is the main factor in the reduced itemized deduction (without seeing your return, this is not 100% certain but the AMT will produce the results you describe.) Since the Standard deduction for Married Filing Jointly is $25,900, removing the AMT credit would probably increase the tax due significantly.
if you're filing jointly what about the amount of your spouse's itemized deductions?
The AMT credit looks like it is the main factor in the reduced itemized deduction (without seeing your return, this is not 100% certain but the AMT will produce the results you describe.) Since the Standard deduction for Married Filing Jointly is $25,900, removing the AMT credit would probably increase the tax due significantly.
It is AMT.
I had to compare the 1040 carefully in both options.
Basically, I can deduct ~$5K of AMT carryover credit if I itemize, and ~$1K if I take the standard deduction.
Since tax due is only ~$100 less if I itemize and eat an extra $4K of credit, I think I just take the standard deduction and retain the extra AMT carry over credit. Even with high interest rates $100 today will take a long time to be worth $4K....