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Are there any advantages to itemizing deductions if our tax liability is already zero? Retired and almost no income but 40,000 of deductions.
I've run TT both ways - standard deduction and itemized, and in both cases tax is zero. Total income runs around 25k, and see no chance of it dramatically increasing in the future. But next yr will file as single rather than married, so standard ded will be lower. Are there any advantages to itemizing deductions when you don't need to?
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March 12, 2024
7:23 AM