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March 27, 2023
Question

The amount shown for my property tax is not correct. I tried using edit but that didn't work. How can I enter the correct amount?

  • March 27, 2023
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1 reply

March 27, 2023

If you entered an amount that isn't correct, go back to the section where you entered it (either the mortgage interest section or the property tax section) to change or delete the entry. To delete an entire entry, click on the trash can icon next to where the Edit button appears on a summary screen.

 

When entering property tax, be sure that you don't enter it twice by entering it both in the property tax section and in the mortgage interest section. 

 

Where do I find how much I've paid in property taxes?

  • Your mortgage interest statement may list the amount of real estate taxes you paid if you use an escrow or impound account with your lender to cover real estate taxes.
  • If your real estate taxes aren't included in escrow payments made with your mortgage payments, look through financial records to figure out how much you paid for property taxes during the year.
  • Be sure to pick up any real estate taxes included on your settlement or closing statement from when you purchased your home.

Caution: Don't deduct your payments into your escrow account as real estate taxes. Your deposits are simply money put aside to cover tax payments. You should deduct only the actual property tax payments made from the account by your lender during the year.

 

If your real estate taxes are paid by you directly instead of through an impound account, enter them in the section labeled Property (Real Estate) Taxes.

 

There are a number of possible reasons that what you see on your screen doesn't match the figures you entered. For example, if you have entered an amount for state taxes paid and it doesn't result in a deduction, It could be that your total itemized deductions don't exceed the standard deduction for this year, in which case TurboTax would use the standard deduction since it was larger. 

 

Also, as an individual, your deduction of state and local income, sales, and property taxes is limited under current law to a combined total deduction of $10,000 ($5,000 if married filing separately). See this IRS webpage for more information on deductible taxes.

 

When you are using the Online version, it can also happen that there is a delay in your entries appearing on your screen due to Internet issues. 

 

You can also preview your return before filing to look at the forms TurboTax has prepared from our entries and find out how your taxes were calculated. See here for details. 

 

See this article for more information on deducting interest and property taxes.

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