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meesterj
New Member

I need to confirm the correct amount of total itemized deductions for taxes for 2022. TurboTax says the total for 2022 is still $10,000. This doesn't match other sources.

J.K. Lasser's 1001 Deductions and Tax Breaks 2023: Your Complete Guide to Everything Deductible - Pg. 193:
You can annually write off your cash donations up to 60% of your adjusted gross income (AGI), if you itemize your deductions.
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4 Replies

I need to confirm the correct amount of total itemized deductions for taxes for 2022. TurboTax says the total for 2022 is still $10,000. This doesn't match other sources.

meesterj,

 

There is a bigger picture you need to keep in mind.  The total of all your itemized deductions has to exceed your standard deduction to be of any value.  For the federal return, the main itemized deductions are (a) charitable contributions, (b) state income tax (or a sales tax alternative), (c) property taxes (up to a $10,000 limit), (d) mortgage interest (up to a certain limit), and (d) medical expenses (including health insurance you pay for) that exceed 7 1/2% of your adjusted gross income.   You would compare this to your standard deduction amount of $12,950 for single filers, $25,900 for joint filers, or $19,400 for head of household.  (There are additional boosts for blindness and senior citizens.)

 

I volunteer with AARP and a companion VITA program preparing taxes and have yet to see a taxpayer with enough itemized deductions to exceed their standard deduction.

 

The story can be different for state income tax purposes.  For example, in California you can choose to itemize on the state return without itemizing on the federal on.  That state's standard deductions are $5,202 for single taxpayers and $10,404 for married and head of household.  You cannot use the state income tax or sales tax with California, but all the others count plus a few more miscellaneous ones.

ErnieS0
Expert Alumni

I need to confirm the correct amount of total itemized deductions for taxes for 2022. TurboTax says the total for 2022 is still $10,000. This doesn't match other sources.

$10,000 is the limit for the state and local tax deduction.

 

This is separate from charitable deductions. You can deduct cash charitable deductions up to 60% of your federal adjusted gross income. Non-cash contributions are subject to a 50% limit.

 

Some types of charitable organizations have lower limits.

 

The amount you can deduct for charitable contributions is generally limited to no more than 60% of your AGI. 

 

Your deduction may be further limited to 50%, 30%, or 20% of your AGI, depending on the type of property you give and the type of organization you give it to. The temporary 100% limit available for 2020 and 2021 for certain qualified cash contributions no longer applies. For 2022, your deduction for cash contributions is limited to 60% of your AGI minus your deductions for all other contributions.

 

Learn more in Publication 526.

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meesterj
New Member

I need to confirm the correct amount of total itemized deductions for taxes for 2022. TurboTax says the total for 2022 is still $10,000. This doesn't match other sources.

Thank you for clarifying. Looks like the key is Publication 526. This Publication for 2022 is still in draft as of February 10, 2023, so TurboTax is likely going to be getting an important update once this Publication gets finalized.

For the federal return, my main itemized deductions roughly total:
- charitable contributions ($10,000)
- property taxes ($12,000)
- mortgage interest ($8,500)
- business expenses ($30,000)
Total AGI is just over $100,000, so it would be nice to wipe out most of the tax bill using the above. Lasser's book also notes that for those who itemize, donations made in prior years in excess of percentage cap based on your AGI can be carried forward for up to 5 years, so that should help lower the bill as well.

I need to confirm the correct amount of total itemized deductions for taxes for 2022. TurboTax says the total for 2022 is still $10,000. This doesn't match other sources.

your property tax of $12,000 is more than 10,000 so that caps that category (SALT Line 5) right away.

business expenses don't go on Schedule A.

 

your mortgage interest not used to buy, build or improve your home is not deductible on Schedule A.

 

You don't have to wait for any IRS publications.

 

@meesterj 

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