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March 23, 2025
Question

Can not use higher Itemized deduction amount for 2024 tax return

  • March 23, 2025
  • 1 reply
  • 0 views

I have hight itemized deduction amount than the standard deduction for 2024.  Why turbotax would not let me claim the higher itemized deduction amount? 

 

    1 reply

    DoninGA
    March 23, 2025

    Certain itemized deductions are either limited or can only be deducted after a certain threshold.

     

    Only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted.

     

    State and Local Taxes are limited to $10,000, this includes the greater of state/local income taxes, real estate/property taxes and personal property taxes.

     

    Your deduction for charitable contributions generally can't be more than 60% of your AGI, but in some cases 20%, 30%, or 50% limits may apply

     

    With this in mind what is the total of all your itemized deductions?

    Standard deductions for 2024

    Single - $14,600 add $1,950 if age 65 or older
    Married Filing Separately - $14,600 add $1,550 if age 65 or older
    Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
    Head of Household - $21,900 add $1,950 if age 65 or older