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March 2, 2024
Question

Paid $2,775.85 in property taxes year 2023.. did short form on turbotax and was no section to claim property taxes on property owned.. do I need to add add somewhere????

  • March 2, 2024
  • 2 replies
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2 replies

Employee
March 2, 2024

There is no short form.  Everyone has used a Form 1040 since tax year 2018.   You are posting from the Free Edition which does not support itemized deductions.   Unless you have enough other itemized deductions to exceed your standard deduction, the property tax will have no effect on your refund or tax due.    Entering itemized deductions will trigger an upgrade to a paid version.

 

 

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

 

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
DoninGA
Employee
March 2, 2024

Property taxes are entered as an itemized deduction on Schedule A.

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

 

To enter, edit or delete Property Taxes -
Click on Federal Taxes
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Your Home
If paid through your lender
On Mortgage Interest, Refinancing, and Insurance, click on the start or update button
If paid directly
On Property Taxes, click on the start or update button


Or enter property tax in the Search box located in the upper right of the program screen. Click on Jump to property tax