I want to make sure I understand the limits for standard deduction. I am allowed to take the following standard deductions:
1. Federal Level = $12,950
2. State Level = $8,000
Total Standard Deduction = $20,950
If my itemized deductions are less than $20,950 than I should not itemized and take the standard deduction of $20,950?
Am I understanding this correctly?
Thank you.
