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Any chance that was a limit of your version of TurboTax and they were trying to sell you a fancier copy?
by 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 agoSame 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 agoThe 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 agoPretty 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]