Turbo Tax, Property Tax Deduction - $1000

[stoked]

If you use Turbo Tax, you are not itemizing, and you paid property tax on a home last year, make sure you enter the property tax on Schedule A, otherwise Turbo Tax won't give you the $1000 tax credit.

[Army Wife]

:eh: having just done the taxes yesterday we were limited to only the amount we actually paid not a general $1000.00....what gives?

[countmein]

You get UP TO $1000 of your property taxes paid. If you only paid $500, then you only get a $500 deduction. If you paid $5,000, then you only get a $1,000 deduction.

[Army Wife]

You get UP TO $1000 of your property taxes paid. If you only paid $500, then you only get a $500 deduction. If you paid $5,000, then you only get a $1,000 deduction.

That's what I thought then I was/am not losing my mind :))

[stoked]

:)) Oh man, I wish my property taxes were under a grand!!!

[Padres38]

I wish my property tax was under $6,000.
I have friends who wish theirs were under $10,000.

NJ Gov. Corzine svcks.

[CaptPops]

If you use Turbo Tax, you are not itemizing, and you paid property tax on a home last year, make sure you enter the property tax on Schedule A, otherwise Turbo Tax won't give you the $1000 tax credit.

Where do you find info on claiming the tax deduction? I could not find it in my 1040 booklet.

[countmein]

In the 1040 booklet, look at the worksheet on page 35 for your standard deduction. It is line 7 on the worksheet.

[CaptPops]

Thanks, that is a nice find..