Question

Max Deductions

Forum|Forum|5 years ago
June 18, 2020
1 reply
0 views

Is there a maximum amount you can deduct. When doing my taxes, Turbo Tax stopped adding my deductions after $10,700.

Employee

Deduction for what? Schedule A Itemized Deductions or Schedule C business expenses or what? There is a limit on schedule A deductions for SALT State and Local Tax.

There is a limit on SALT deductions. SALT is State And Local Tax. Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any other taxes like in W2 box 14 & 19. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

FAQ on 2018 changes
https://ttlc.intuit.com/community/tax-reform/help/how-will-tax-reform-affect-my-federal-tax-return/00/27627

And some Deductions that have been suspended for 2018-2025
https://ttlc.intuit.com/community/tax-reform/help/which-federal-tax-deductions-have-been-suspended-by-tax-reform/00/25565