Until the sum total of your itemized deductions
(ie. medical, mortgage interest, mortgage insurance, property taxes, charitable giving, ct) exceed
your Standard Deduction, you will receive your Standard Deduction.
Standard
deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65
or older
- Married Filing Jointly - $12,600 add $1,250 for each
spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or
older
Secondly, f you are subject to
the Alternative Minimum Tax (AMT)- In calculating the AMT, you cannot take
itemized deductions for state and local income tax, real estate taxes and
personal property taxes, even though these are deductible on your regular
return.
