I put in all my deductions and Turbo Tax (TT) has it calculated at 29,650. However, when I go to the next page TT tells me that I save the most by using the standard federal deduction of 27,700, and at the bottom of that page where it asks if you want to change to your itemized deduction, there my itemized deduction is now 24,799. I can't figure out why there is a discrepancy. Any help? (because the 29,650 is higher and would give me a better tax savings than the standard 27,700)
Where do you see that TurboTax calculated itemized deductions of $29,650? On the summary screen "Your 2023 Deductions & Credits" it shows the amounts that you entered, without considering any limits that apply to the deductions. Look at the actual Schedule A, not a summary screen in TurboTax. What is the amount on Schedule A line 17? It's probably $24,799.
Here are some examples of the limits on itemized deductions.