@Bridge22 wrote:
How do you know whether to choose standard deductions or itemized deductions when given the two options?
Only about 9% of all taxpayers will have more itemized deductions then their standard deduction.
Do you think you will have more itemized deduction then the standard deduction for your filing status?
Standard deductions for 2021
Single - $12,550 add $1,700 if age 65 or older
Married Filing Separately - $12,550 add $1,350 if age 65 or older
Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
Head of Household - $18,800 add $1,700 if age 65 or older
