How does the standard deduction differ from itemizing deductions?

The federal standard deduction is a fixed dollar amount, based on your filing status and age, that the IRS lets you deduct from your taxable income.

Itemizing deductions allows you to list (itemize) your individual deductions on Schedule A.

After you've completed the Deductions & Credits section of TurboTax, we'll let you know which deduction gives you the biggest tax break.