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Level 1

Question

itemized vs standard deduction

Forum|Forum|4 years ago
March 11, 2022
2 replies
9 views

Hello,

Our total income is $163,549 and my list of itemized deductions total $65,239 which includes $24,479 of medical expenses. I'm using Turbo Tax premier which gives me only the standard deduction. I also have a college age student with $20,202 worth of tuition and expenses that are included in my total itemized deductions (see above).

My question is why Turbo Tax only gives me the standard deduction of $26,450?

Thank you.

Keith Rex

Level 15

Are you using the Online version?

If it's giving you the Standard Deduction and not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

Tax Tools on left

Tools - Topic Search (top left box)

Type in itemized deductions, choosing. It should highlight that in the list, click on GO

Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction. (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.

How to change between the Standard Deduction and Itemized Deductions

https://ttlc.intuit.com/community/accessing/help/how-do-i-change-from-the-standard-deduction-to-itemized-or-vice-versa/00/25831

Level 15

Education expenses are not an itemized deduction.

If your Adjusted Gross Income is $163,549, then only the amount of medical expenses over 7.5% of your AGI can be deducted on Schedule A.

$163,549*0.075=$12,266. $24,479(-)$12,266=$12,213

So the amount of medical expense that can be entered on the Schedule A is $12,213

Look at your Schedule A line 17. It probably shows an amount less than your standard deduction of $26,450

Level 15

And taxes paid are limited to 10,000. So medical 12,213 + 10,000 for tax is 22,213 which is less than the Standard Deduction.