I was told this year there is a one time deduction of $24,000 you can enter rather than entering charitable deductions. Is this correct?

kids889194 — Sat, 01 Jun 2019 18:23:03 GMT

Yes the new Standard Deduction is 24,000 for Joint. You...

VolvoGirl — Sat, 01 Jun 2019 18:23:04 GMT

Yes the new Standard Deduction is 24,000 for Joint. You get to take either the Standard Deduction or all your itemized deductions whichever is more. Everyone gets a Standard Deduction.

This year the Standard Deduction will be doubling so many people will be switching to the Standard Deduction. And there is a max 10,000 limit of State, local, property, and sales tax (SALT) deduction. And you can only deduct Medical/Dental that's over 7.5% of your AGI. And W2 job expenses have been suspended.

FAQ on 2018 changes
https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return

For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind

This is in lieu of all of your deductions (not just chari...

SweetieJean — Sat, 01 Jun 2019 18:23:05 GMT

This is in lieu of all of your deductions (not just charitable).

topic This is in lieu of all of your deductions (not just chari... in Deductions & credits

I was told this year there is a one time deduction of $24,000 you can enter rather than entering charitable deductions. Is this correct?

Yes the new Standard Deduction is 24,000 for Joint. You...

This is in lieu of all of your deductions (not just chari...