I am a bit baffled why in TurboTax Summary comparison of 2016 vs 2017Deductions & Credits where I have a high OTHER DEDUCTIONS of ~$22k, vs $66 in 2016. Nothing abnormal occurred between the two years, and on the screens as completing the deductions, nothing seemed to vary significantly. the gifts charity, the interest & taxes seem to be in line and correct for the 2 years. I do not understand, and am concerned if there is a bug in the software, and making deductions larger than should be????
Any ideas or suggestions??
The Deductions and Credits display just reflects the items that you entered and does not mean all amounts would be deductible. For example, you may have items in the Other Deductions & Credits section that amount to $22k, but then those amounts are subject to the 2% rule and the deductible portion would need to exceed 2% of your adjusted gross income.
You can view your schedule A under Tax Tools, Print Center. You will be prompted to pay if you have not already done so.