Itemized deductions less then standard deduction ?

I got the Turbo Tax again this year. Well I didn't have the same deductions this year as last. So when I did my taxes with Turbo Tax it takes the itemized deductions and applies them to my tax sheet. Well need to say I have to pay out the you know what this year. So I check out both tax year for 06 and 07 to see if there was something I should do different for next year. Well I discovered that the "Standard Deductions" were more money then my Itemized Deductions that Turbo Tax entered! I could have save a thousand bucks!!!! If Turbo Tax had showen me that taking the Standard Deduct's would be better!! But no. I t didn't. So my question is ...Is there a way that I can change my deduction to the standard deductions even though I already mailed in my taxes. Maybe even for next year would be fine. A thousand bucks is nothing to just let go. I want my money back!!!LOL!! I will be sending TURBO TAX an e-mail about this too!! Should show which would be better to take!!

You answered a question wrong in the software, but yes, you can go back to the standard deduction by using form 1040x. You can still update 2005-2007.

You can file an amended return. But don't spend that thousand bucks yet- unless you had around $20K in itemized deductions, it won't be anywhere near that much - your tax savings from itemizing is the amount your itemized deductions are over the standard TIMES your tax bracket - if your itemized deductions are $1000 over the standard and you're in a 15% bracket, your savings will be $150. And since you say your deductions were LESS than the standard, the amount would likely be a lot less than $1000.

TT asks a question on whether to take the itemized, the standard, or whichever is higher, and recommends taking the higher. It sounds like you might have answered a question wrong, and the mistake would be yours, not turbo tax.

Yes you can file a 1040-X to change to amounts for up to the last three tax years. If you are owed a refund you can choose direct deposit (best bet) just like on your regular form. Unfortunately, I don't think you can efile a 1040-X - must go snail mail. You probably answered a question incorrectly in the software (there are so many!) but look at it this way - at least you figured it out before the 3 year statue of limitations for changes expired! The form you need and the instructions are available on irs.gov.