My year-over-year "deduction analysis" graph shows 24K standard deduction for 2018 (expected), and matches 1040 form (expected). However the amounts shown shows for previous years 2014-2017 do not match the totals I see in the tax forms themselves (the graph shows much higher deductions than what are listed on the 1040 forms). Nowhere in the 1040 forms do I find the dollar amounts listed in the "deduction analysis" graph.
So I don't understand where the historical values in the "deduction analysis" graph are coming from (and I question their value for comparing year-over-year a bit, if they don't represent the value of the deductions filed). Thank you!
What you are likely seeing is that personal exemptions in prior years were lumped in together with your standard or itemized deduction numbers for that historical analysis.
In prior years, you were allowed a personal exemption for yourself, spouse, and dependents ($4,050 per exemption) in addition to your standard or itemized deductions.
Okay, thank you! Yes, that would seem to explain the delta I see (for example, in 2017 taxes, nearly 16K difference from what 1040 shows under "itemized deductions" on my forms vs what TT shows as my "deductions" under analysis). With married couple, 2 dependents would that add up to around 16K of 'personal exemptions'. So did those personal exemptions go away altogether in 2018?
Yes, they went away in 2018. So, the standard deduction was doubled but the exemptions were eliminated. But, if you check your credit analysis - the child tax credit was also doubled from a max of $1,000 to $2,000 per qualifying child. And, there is a $500 credit for other dependents who don't qualify.