The federal Standard Deduction is a fixed dollar amount, based on your filing status and age, that the IRS lets you take off (deduct) from your taxable income.
On the other hand, itemizing deductions allows you to list (itemize) your deductions on Schedule A.
After you enter your deductions in the 'Deductions & Credits' section, TurboTax will tell you which one is better for you (gets you the best refund).
Click this link for more detailed info on Standard/Itemized Deduction.
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