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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.