Turbo Tax (problem) - check your return

[T. Lynn]

I'm ready to finally file my taxes but after reviewing them, I've noticed a problem.

On Form 1040, Line 40 - you are to enter your itemized deductions or take the standard deduction. After inputting all my mortgage taxes, property taxes, etc., it's too low for us to file a Schedule A. Therefore, it is automatically inputting the standard deduction. On the line it automatically puts $11,900 but the box to the left shows $10,900 for married filing joint return.

Turbo tax automatically checks for updates every time I start it and so far, nothing has been corrected.

Does anyone else have this problem? I'm afraid to file and then have to pay them back at a later date if need be. I'm not sure if this is a turbo tax error, or it is actually $11,900 you can claim. Again, it automatically inserted it since I didn't have enough to itemize.

Any help/suggestions would be greatly appreciated...

 

[Princess April]

Anyone? I would like to know this as well......

 

[Procrastinator]

It's not a mistake.

This year, they're allowing those who did not itemize but who paid real estate taxes to take the standard PLUS the greater of taxes paid or $1000 for married couples/$500 for single or HOH. You won't have to pay it back.

 

[dkr7166]

I would double check your ages and whether or not you or your spouse is blind. I don't recall the exact numbers off the top of my head, but that's around the amount of the increase if you're over 65 and/or blind and filing joint.

 

[T. Lynn]

Whew, thank you!

I'm ready to file and was hoping this wasn't a mistake because I didn't want to wait any longer.

 

[TooBoyz4us]

Nope, that is correct.

 

[shoes99]

It's not a mistake.

This year, they're allowing those who did not itemize but who paid real estate taxes to take the standard PLUS the greater of taxes paid or $1000 for married couples/$500 for single or HOH. You won't have to pay it back.

Thanks. I'm not ready to file yet, but thanks for the reminder. I knew about this from reading the news. We are on the cusp so won't know if we are over or under for itemized deductions. We did pay real estate taxes.

 

[allyphoe]

What everyone else said - your standard deduction is correct.