Not exactly. If you itemize deductions on Schedule A it only reduces your income so you get taxed on a lower amount. It can only reduce your income to zero. Then you would get back all your tax withholding taken out of your paychecks and any estimated payments you sent in.
You either get the Standard Deduction or your Itemized Deductions, whichever is more. Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car registration fees, etc. To itemize your deductions you use Schedule A.
For 2024 the standard deduction amounts are:
Single 14,600 + 1,950 for 65 and over or blind (16,550)
HOH 21,900 + 1,950 for 65 and over or blind (23,850)
Joint 29,200 + 1,550 for each 65 and over or blind (30,750/32,300)
Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)
