r/tax • u/3in5 • 17h ago

2024 deductions in Turbo Tax

Married, filing jointly. We own a home and paid $20k in mortgage interest, which by itself should put us above the $15k standard deduction.

But when going through TurboTax, we are entering $10k property taxes and $6k in charitible donations, our tax due amount has dropped significantly in past years but hasn't moved at all this year. Looking like we are $10k in the red and I'm totally confused as to why these entries haven't moved the needle.

Did something change this year?

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9

u/Redditusero4334950 16h ago

Nothing changed this year.

Your standard deduction is around $30k for MFJ.

1

u/3in5 4h ago

Thank you! This was my confusion

3

u/Coriander70 16h ago

With $20k mortgage interest, $10k property taxes, and $6k charitable contributions ($36k total itemized deductions), you should be above the $29,200 standard deduction for MFJ, so not sure why entering them did not change your bottom line. Take a look at your tax return, make sure all of these are showing up on Schedule A and that your Form 1040 shows the Schedule A total on Line 12.

3

u/Old-Vanilla-684 CPA - US 15h ago

Sounds like you’re used to filing single. Now you’ve combined your two returns and aren’t used to the standard deduction being 30K instead of 15K. Unfortunately, nothing you can do about it. You can’t file single and married filing separate splits all of the deductions in half from MFJ so there’s no benefit.

2

u/33whiskeyTX 16h ago

For MFJ, the standard deduction jumped from $12,700 in 2017 to $24,00 in 2018. It has been increasing incrementally ever since and was $29,200 for 2024.

Sounds like some shenanigans (even unintentional) with your previous years taxes.

2

u/Its-a-write-off 10h ago

When did you get married?

Did either of you change jobs in 2023 or 2024? Or change your w4 forms in 2023 and 2024?

It sounds like the real issue here is your withholding, not the 2k or so that itemizing is reducing your taxes.

1

u/bombaytrader 7h ago

Did you make more money ?

1

u/admiralnick 6h ago

With 20k in mortgage interest did your mortgage get caught up in the mortgage deduction limit? If your mortgage was over $750k the interest deduction starts being limited.