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Changing my deduction? I don't understand what this is asking me to do or why, please help
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Changing my deduction? I don't understand what this is asking me to do or why, please help
Once you enter all of your deductions, TurboTax will automatically compare the Standard Deduction, which is a fixed dollar amount based off your filing status, to the sum of your Itemized Deductions, which appear on Schedule A.
The one that will give you the most benefit on your tax return, usually the higher dollar amount, will be automatically applied for you. TurboTax will let you know which one it has selected for you, and give you the option to change it if you would like to do so. This is most likely the screen you are seeing.
There is a more detailed explanation of the deductions below:
https://ttlc.intuit.com/replies/3302313
If your question has not been fully resolved, kindly comment below with additional details.
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Changing my deduction? I don't understand what this is asking me to do or why, please help
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Changing my deduction? I don't understand what this is asking me to do or why, please help
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Changing my deduction? I don't understand what this is asking me to do or why, please help
Once you enter all of your deductions, TurboTax will automatically compare the Standard Deduction, which is a fixed dollar amount based off your filing status, to the sum of your Itemized Deductions, which appear on Schedule A.
The one that will give you the most benefit on your tax return, usually the higher dollar amount, will be automatically applied for you. TurboTax will let you know which one it has selected for you, and give you the option to change it if you would like to do so. This is most likely the screen you are seeing.
There is a more detailed explanation of the deductions below:
https://ttlc.intuit.com/replies/3302313
If your question has not been fully resolved, kindly comment below with additional details.
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Changing my deduction? I don't understand what this is asking me to do or why, please help
FAQ on 2018 changes https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return
For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind
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