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Deductions & credits
You have the option of taking the standard deduction or itemized deductions. The standard deduction for Married Filing Jointly in 2020 is $24,800. If one of you is over age 65, the deduction increases to $26,100 and if you are both over age 65, then the amount is $27,400. If your itemized deductions are lower than your standard deduction, you choose it.
You would have had no carryover with an AGI that high if the donation amount was the same.
‎April 25, 2021
1:00 PM