Use this screen to model potential itemized deductions that may reduce your clients' taxable income, including medical expenses, state and local taxes (SALT), charitable contributions and mortgage interest.
Do not worry about the AGI or statutory limits for the deductions for medical expenses or state and local taxes. Simply enter the gross amounts, and we’ll calculate how much will be deductible.
Be sure to verify that any deductions generated by copying a scenario will be accurate in any new scenario. For example, in the screenshot below, our 2022 baseline scenario (column 2) includes a charitable deduction, which means that Peter and Paula will itemize instead of taking the standard deduction as they did in the previous year.
Premium subscribers will see a purple button which gives you the option to review the new DAF (Donor Advised Fund) Explainer when an entry is made in the "Charity" field.