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June 1, 2019
Question

Why when I had 13,886 in honest deductions, turbo tax would only let me use the 13,600 ?

  • June 1, 2019
  • 2 replies
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    2 replies

    Carl11_2
    Employee
    June 18, 2019

    There are limits on some itemized deductions starting in 2018. For example, if you have an outstanding mortgage balance on your home or other non-business use property, you can only deduct the interest on the first $750K of the outstanding mortgage. (If the outstanding balance was more than 750K on Dec 31 of the tax year, then this limit kicks in for you.)  Also, you're limited to a maximum of $10K on your SALT deductions (State And Local Taxes).

    Employee
    June 18, 2019

    And only the amount of medical expenses in excess of 7.5% of your AGI in 2018 can be deducted as an itemized deduction. 

    Lisa995
    Employee
    June 18, 2019

    They also took away unreimbursed employee business expenses as well as most of the other miscellaneous itemized deductions...so if any of those figured into your total of 13886, you may not have as much as you think.

    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪