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Why isnt my car or cloth deductions showing up as money on state or federal. Also does a business loss need to be an exact amount or an estimated amount?

 
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DawnC0
Intuit Alumni

Why isnt my car or cloth deductions showing up as money on state or federal. Also does a business loss need to be an exact amount or an estimated amount?

Employee expenses and charitable deductions are itemized deductions.  You take either your standard deduction or the total of your itemized deductions, not both.  You are not seeing any changes to your refund when you enter these deductions because your standard deduction is still higher than the total of your itemized deductionsHere are the current standard deduction amounts (your itemized deductions need to be higher before they will benefit you):

 

You cannot estimate a business loss on your tax return.  You are required to report all of your business income if you had any, and then report all of your business expenses.  TurboTax will calculate your net profit or loss and properly report the amount on your tax return.  

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1 Reply
DawnC0
Intuit Alumni

Why isnt my car or cloth deductions showing up as money on state or federal. Also does a business loss need to be an exact amount or an estimated amount?

Employee expenses and charitable deductions are itemized deductions.  You take either your standard deduction or the total of your itemized deductions, not both.  You are not seeing any changes to your refund when you enter these deductions because your standard deduction is still higher than the total of your itemized deductionsHere are the current standard deduction amounts (your itemized deductions need to be higher before they will benefit you):

 

You cannot estimate a business loss on your tax return.  You are required to report all of your business income if you had any, and then report all of your business expenses.  TurboTax will calculate your net profit or loss and properly report the amount on your tax return.  

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