My itemized deductions are not adding up correctly.
Some itemized deductions, such as medical expenses or state and local income, sales, and property taxes, have limitations that may allow only part of the expenses or none at all to be deducted.
For example, medical expenses need to be more than 7.50% of your Adjusted Gross Income to be partially deductible.
Additionally, the sum of state and local income, sales, and property taxes are capped at $40,000 or $20,000 if Married Filing Separate.
This may help explain why your Itemized Deduction appears different from what you entered in the software.
For example, medical expenses need to be more than 7.50% of your Adjusted Gross Income to be partially deductible.
Additionally, the sum of state and local income, sales, and property taxes are capped at $40,000 or $20,000 if Married Filing Separate.
This may help explain why your Itemized Deduction appears different from what you entered in the software.
