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danahemby
New Member

It looks like my itemized deductions exceed 24,000. Why is Turbo Tax just claiming the standard?

 
3 Replies
Ashby
New Member

It looks like my itemized deductions exceed 24,000. Why is Turbo Tax just claiming the standard?

It's quite possible that part of what you are thinking exceeds the $24k is state and local taxes(SALT). SALT is capped at $10k total because of tax reform. Also, if you're claiming mortgage interest and any of it was home equity loans that were not used to buy, build, or improve your home, that interest is not deductible.

These are the two most common reasons that people think they should itemize this year, but end up taking the standard deduction. Please advise if this is not your issue.

Ashby
New Member

It looks like my itemized deductions exceed 24,000. Why is Turbo Tax just claiming the standard?

This is why I said please advise if this is not your issue.
Ashby
New Member

It looks like my itemized deductions exceed 24,000. Why is Turbo Tax just claiming the standard?

Let me know why you think you're over $24k and I'll see if I can help you.
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