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Are you just calculating the difference between your "usual" amount of itemized deductions and the new standard deduction and thinking that is what you will owe? It does not work that way. If you have more itemized deductions than that standard deduction of $24,000 for a joint return then those deductions can still affect your tax refund or amount owed. The big difference is that with such a large standard deduction, many people who used to be able to itemize will no longer have enough itemized deductions like mortgage interest, property taxes, medical expenses, etc. to exceed the standard deduction.
Are you just calculating the difference between your "usual" amount of itemized deductions and the new standard deduction and thinking that is what you will owe? It does not work that way. If you have more itemized deductions than that standard deduction of $24,000 for a joint return then those deductions can still affect your tax refund or amount owed. The big difference is that with such a large standard deduction, many people who used to be able to itemize will no longer have enough itemized deductions like mortgage interest, property taxes, medical expenses, etc. to exceed the standard deduction.
Look at your Sch A for 2017 : https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
Then look at the new Sch A to see what the changes will effect you : https://www.irs.gov/pub/irs-dft/f1040sa--dft.pdf
You will not owe $22,000. A deduction is a subtraction from income, before the taxes are calculated. It is not a tax credit or a refund. As indicated above, it depends upon your overall tax situation. Try this:
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
was $46k your itemized deductions 2017 for 2018 all 2% deductions are out, taxes are limited to $10k. mortgage interest may be limited if you refinance your taxable income effects the taxes you'll pay. you may want to use this like to see where you'll stand for 2018
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
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