Question

Transcript shows "Recomputed" Itemized Deductions.

Forum|Forum|4 years ago
March 13, 2022
1 reply
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TY21 return accepted but not yet approved. My account transcript shows "Recomputed Total Itemized Deductions per Computer" with an amount ($2183) larger than the TurboTax amount! I only have med, taxes ($10K), interest, and contrib. Nothing complicated. Any idea why their amount is different? thanks.

AliciaP1

You may have had an item reported to the IRS on a form or in a box that you did not get entered into your return. You will receive a letter from the IRS explaining the difference.

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S

stuartborenAuthor

Thanks for your response. Strange. Same thing happened in TY20 where "recomputed deductions" were also about $2K larger than TT. And for TY20, I haven't (yet) gotten a letter nor an additional refund. My TY20 Tax Retn transcript still has the TT refund unchanged from the original amount, never recalculated due to the IRS "recomputed" deductions. Zooming in...the $2K difference in deductions (TT v. IRS) can't be due to med, nor contributions, nor taxes (capped at $10K). Therefore, it must be mortgage interest. But the TY20 Wage & Income Transcript is correct. However, a portion of the interest paid to bank (as reported on 1098) was not QMI. So, my Sch A mortgage interest was less than what was on bank's 1098. The balance was reported as deductible investment interest expense from Form 4952. But that all looks correct. I guess eventually I'll get a supplemental refund(s). Or not. At least it's in my favor. Thanks for any other thoughts. Meanwhile, I'm waiting for IRS "approval" before I submit my state return.

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Cynthiad66

Remember, there could be other items on the return that translate to the Schedule A itemized deductions such as State and Local Income Tax Withholdings. Sometime medical insurance reported on W-2 is picked up depending on the insurance. So, all of this is clearly speculation, however, as AliciaP1 stated, the IRS will send a Explanation of Adjustments notice that will explain any changes and allow you to respond.

@stuartboren

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