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Wouldn't taking the standard deduction of $12,000 have been better than itemizing which was $11,625. It was close but wouldn't I have gotten $375 more money back?

 
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2 Replies
Anita01
New Member

Wouldn't taking the standard deduction of $12,000 have been better than itemizing which was $11,625. It was close but wouldn't I have gotten $375 more money back?

No, you don't get back the exact amount of a deduction, you owe less tax based on how much tax you would have paid on that amount of income.  For a deduction of $375, at a 10% tax rate, you might have gotten back $37.50 more or owed that much less.  I am sure, though, that your standard deduction was HIGHER than your itemized.  Itemized deductions can be subject to a subtraction of a certain percentage of your AGI.  Your standard deduction may also have increased due to your age.

Wouldn't taking the standard deduction of $12,000 have been better than itemizing which was $11,625. It was close but wouldn't I have gotten $375 more money back?

Sounds like they got the itemized deductions instead of the higher Standard Deduction.  Did you pick to use Itemized Deductions?  Are you a dependent?  Or Married filing separately?  Turbo Tax normally gives you the higher amount.
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