No, you still need to pick one way (Itemized Deductions Schedule A) or the other (Standard Deduction).
The Standard Deduction for tax year 2016 is:
Single is $6,300 and Married Filing Jointly is $12,600.
The exemption amount for 2016 is $4,050 and $1,250 is added if over 65 or blind.
Please see the answer below for a more accurate response:
