freshy70
Level 3
04-11-2024
02:14 PM
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Working on a 1040. The taxpayer will not itemize deductions because standard exceeds itemized. In the general information pages when I print the return, there are Carryovers to 2024. The carryovers include a number of items most of which I understand except the State and Local Taxes amount. Why would that amount be listed as a carryover?
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PhoebeRoberts
Level 11
04-11-2024
02:17 PM
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Because if they itemize next year, that's the amount of taxes paid with respect to 2023 that they get to deduct in 2024.
freshy70
Level 3
04-11-2024
02:20 PM
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Thank you for the fast reply. You are very smart.