Question

Why would Turbotax tell me to use my standard deduction (12,200) vs. my itemized (18725)? It shows taxes owed same in both choices.

Forum|Forum|5 years ago
July 15, 2020
1 reply
0 views

Most income this year came from dividends and a stock sale, Not sure why larger itemized deduction would have no effect on taxes owed

TurboTax Premier Online

SusanY1

Most likely, some of the items entered toward your total of itemized deductions have a cap and cannot be counted. The most common area for this is your state and local taxes. If you have more than $10,000 in state and local taxes deductions, only the first $10,000 can be used which would cause TurboTax to select the better standard deduction in your case.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"