Question

My itemized deductions should be $32,000 but I am only getting credit for $18,400. What happened to the state taxes I paid and entered on my W-2s and property taxes?

Forum|Forum|5 years ago
February 2, 2021
1 reply
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Only getting credit for mortgage interest and not property or local taxes. How come?

TurboTax Deluxe Online

Employee

Do you show anything on Schedule A lines 5?

There is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT". 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 taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.