Taxpayers are entitled to a Standard Deduction which reduces their taxable income. In 2016, the Standard Deduction is $6,300 for filing status Single or Married Filing Separately, $12,600 for Married Filing Jointly, and $9,300 for Head of Household. Taxpayer who have large medical expenses, mortgage interest, real estate taxes, charitable contributions, and other qualifying expenses may choose to "itemize" these deductions and receive a greater reduction of taxable income than that allowed by the Standard Deduction. If this describes your situation, you can enter these expenses through the TurboTax interview, and TurboTax will determine whether the standard or itemized deduction is right for you.
