![]() ![]() You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040. Tax Refund Calculator for 2022, 2023 Tax Seasons TurboTax TaxCaster Tax Refund Calculator Credits. Your standard deduction lowers your taxable income. How to File Taxes Online With TurboTax Best Online Tax Filing Software Calculators. Under the new tax laws, some deductions have been capped-there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. The deductions you enter do not necessarily count “dollar for dollar ” many of them are subject to meeting tough thresholds-medical expenses, for example, must meet a threshold that is pretty hard to reach. ![]() Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. to itemize and exceed your standard deduction. You need a LOT of other itemized deductions like mortgage interest or property taxes, medical expense, etc. First, your donation does not count "dollar for dollar"-it is calculated by a percentage based on your tax bracket. Have you also entered other itemized deductions like mortgage interest, property tax paid or medical expenses?Ī charitable donation almost never changes your tax due or refund all by itself. ![]()
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