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October 15, 2024
Question

Standard deduction

  • October 15, 2024
  • 2 replies
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I had $10k in mortgage interest, and maxed out the SALT. Why is TT advising me to take the standard deduction?

    2 replies

    VolvoGirl
    Employee
    October 15, 2024

    Are you filing a Joint return?   Are you over 65?Do you have any other deductions?  SALT max is 10,000+ 10,000 mortgage interest is 20,000?  If you file as Married filing Separate you have to file the same way as your spouse.  

     

    For 2023 the standard deduction amounts are:
    Single 13,850 + 1,850 or 65 and over or blind
    HOH 20,800 + 1,850 for 65 and over or blind
    Joint 27,700+ 1,500 for each 65 and over or blind
    Married filing Separate 13,850 + 1,500 for 65 and over or blind

     

    If it's giving you the Standard Deduction and  not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

    Tax Tools on left

    Tools - Topic Search (top left box)

    Type in  itemized deductions, choosing.  It should highlight that in the list, click on GO

     

    Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction.    (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.

    October 15, 2024

    Over 65

    October 15, 2024

    And single.

    VolvoGirl
    Employee
    October 15, 2024

    Check your mortgage interest.  An old note says…….There is a new question or two you have to answer to get the mortgage interest deduction.  Like maybe put in your ending balance.  Make sure you answer that the loan is secured by the property.  Go back through that section.

     

    One User said.....Two questions on the last two data entry pages for that item:  one asking if the loan was secured by the property purchased with the mortgage (my home) and the next asking if the money had been used to build or purchase the home.  I suspect both these are qualifying questions for deductibility.