Help please - either I am really missing something (I have done my own taxes for 30 years and follow all the rules pretty well typically) or TurboTax 2020 has a bug in the software calculation for itemizing vs standard deduction?
Mortgage is $820k (I did the math for pro-rating the $750000 allowable limit) and it comes to $28000 on its own. SALT is over $10k, so capped at $10k. My wife and I have no dependents and AGI was around $430k. I have never been guided to the standard deduction in my entire CA life due to mortgage interest alone on our home. What is causing the program to ignore all of the above and select standard deduction repeatedly for me? Thanks
Long Time TT User Steve
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Sorry, don't have a solution, just echoing that we're having a similar problem. SALT is capped at $10k, and we have approximately $27k mortgage interest on a ~$730k loan.
We refinanced and switched lenders in the second half of the year, resulting in two 1098s for the same mortgage. TT seems to calculate the deduction with one lender ($24k interest), but when we add the second lender ($3k interest), our refund shrinks and TT tells us that we should take the standard deduction, which doesn't make sense. TT still shows that we paid $27k in mortgage interest, too, so I'm wondering if this is a bug.
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The link from Expert CarissaM has the following content (which is not very helpful):
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