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Are...you sure you did your taxes right? Just because you maxed out your SALT deduction doesn't mean you don't also qualify for other itemized deductions. Unles

by gok 8y ago

Are...you sure you did your taxes right? Just because you maxed out your SALT deduction doesn't mean you don't also qualify for other itemized deductions. Unless you're affected by AMT or something?

jandrese 8y ago
That's what TurboTax told me. SALT wasn't huge for me, and I'm nowhere near the AMT. I put in the mortgage interest deduction after the dependents and it popped up a window saying that I've hit the $10k limit on deductions and any further deductions won't be counted. True to its word all further deductions (mostly charitable contributions) made no difference.
- smileysteve 8y ago
  I got bad news for you.... It seems you did your taxes incorrectly.
- gok 8y ago
  Any chance that was a limit of your version of TurboTax and they were trying to sell you a fancier copy?
  - jandrese 8y ago
    Same version we use every year. Same procedure we go through every year. If I did it wrong I'm not alone. Roughly: Enter all W2 info that they should already have. Enter all interest income. Enter dividends (which are small) then we move on to deductions Enter Dependants Enter Mortgage Interest (at this point the software tells us that we've maxed out deductions for the year) Now a note about the interface on this software. In the corner they included a current tally of your tax owed/refund which updates every time you enter a new value. At this point we start putting in the deductions anyway, because some things aren't counted until later steps, although it had been counted in the past. We note that the value in the corner is not changing despite putting in a significant amount of deductions. Once we finish with the deductions the software tells us that the cap on deductions ($10k) is less than our standard deduction and suggests we take the standard deduction instead, which we do. I don't know how we could have gotten it wrong.
    - vonmoltke 8y ago
      The limit is based on the home value, not the actual interest paid: https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI#limitamount https://turbotax.intuit.com/tax-tips/home-ownership/deductin... You might want to check that you didn't accidentally enter all of your deductions as if they were SALT payments.
      - jandrese 8y ago
        Pretty sure it would be impossible to put charitable contributions in as SALT, not without contorting the hell out of the program.
  - deleted 8y ago
    [deleted]

by gok 8y ago

Are...you sure you did your taxes right? Just because you maxed out your SALT deduction doesn't mean you don't also qualify for other itemized deductions. Unless you're affected by AMT or something?

jandrese 8y ago

That's what TurboTax told me. SALT wasn't huge for me, and I'm nowhere near the AMT. I put in the mortgage interest deduction after the dependents and it popped up a window saying that I've hit the $10k limit on deductions and any further deductions won't be counted. True to its word all further deductions (mostly charitable contributions) made no difference.

smileysteve 8y ago
I got bad news for you.... It seems you did your taxes incorrectly.
gok 8y ago
Any chance that was a limit of your version of TurboTax and they were trying to sell you a fancier copy?
- jandrese 8y ago
  Same version we use every year. Same procedure we go through every year. If I did it wrong I'm not alone. Roughly: Enter all W2 info that they should already have. Enter all interest income. Enter dividends (which are small) then we move on to deductions Enter Dependants Enter Mortgage Interest (at this point the software tells us that we've maxed out deductions for the year) Now a note about the interface on this software. In the corner they included a current tally of your tax owed/refund which updates every time you enter a new value. At this point we start putting in the deductions anyway, because some things aren't counted until later steps, although it had been counted in the past. We note that the value in the corner is not changing despite putting in a significant amount of deductions. Once we finish with the deductions the software tells us that the cap on deductions ($10k) is less than our standard deduction and suggests we take the standard deduction instead, which we do. I don't know how we could have gotten it wrong.
  - vonmoltke 8y ago
    The limit is based on the home value, not the actual interest paid: https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI#limitamount https://turbotax.intuit.com/tax-tips/home-ownership/deductin... You might want to check that you didn't accidentally enter all of your deductions as if they were SALT payments.
    - jandrese 8y ago
      Pretty sure it would be impossible to put charitable contributions in as SALT, not without contorting the hell out of the program.
- deleted 8y ago
  [deleted]