Itemized deductions are when you list your tax expenses instead of taking the federal standard deduction. The federal standard deduction is a fixed dollar amount, based on your filing status and age, that the IRS lets you take off (deduct) from your taxable income.
Common itemized expenses include are:
- The mortgage interest you pay on up to two homes,
- Your state and local income or sales taxes,
- Property taxes,
- Medical and dental expenses that exceed 7.5 percent of your adjusted gross income,
- The charitable donations you make.
- Also miscellaneous deductions such as work-related travel and union dues.
To itemize,
- Search for itemized deductions, choosing in your TurboTax program. Be sure to use this exact term, including the comma and space.
- Then, in the search results, click the "Jump to" link. This will take you straight to a screen where you can change your deduction.
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