I have nearly the same deductions and exemptions from last year, within a small percentage, but the 2017 total was $48,018 and the 2018 total is only $24,264. Why?

[JulieCo]

There were several changes to itemized deductions with the Tax Cuts and Jobs Act of 2017.  But many of these changes were offset by reduced income tax bracket rates, where your return did not have as much to deduct for itemized expenses, but had lower income tax liability for the year.

For itemized deductions, there is now a $10,000 limit for state and local taxes (SALT) that can be included as an itemized deduction.  This $10,000 limit not only includes property taxes, but also any state income taxes withheld during the year and reported on your return.

In addition, the ability to deduct Miscellaneous Expenses has been suspended. This includes job-related expenses for a W-2 employer, plus investment fees.

For more information on how the Tax Reform changes of 2018 can impact your return, see the FAQ below:

https://ttlc.intuit.com/replies/6971774