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Deductions & credits
When you file your return, you have two options. You can take the standard deduction or you can itemize your deductions. As bluedeb mentioned, the standard deduction is a fixed number that is based on your filing status.
However, for a homeowner, or someone with a lot of medical expenses or charitable donations, they may benefit more from taking an itemized deduction. Itemized deductions for 2022 include Mortgage Interest, State and Local taxes up to $10,000 including property taxes, medical expenses in excess of 7.5% of your AGI and charitable contributions. If these add up to more than your standard deduction, it will lower your taxable income even more than the standard deduction which will then lower your tax liability. So, if you have taxable income, and own a home, pay taxes this may make a difference in your return, especially for single people who have a standard deduction of $12,950.
Sometimes it is best to enter your itemized expenses to see which way you make out better. After you enter them, TurboTax will choose which deduction is best for your situation.
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