What does itemized deductions mean?

awfasia — Thu, 06 Jun 2019 10:41:21 GMT

Itemized deductions are when you list your tax expenses i...

HelenaC — Thu, 06 Jun 2019 10:41:22 GMT

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.

Related information:

topic What does itemized deductions mean? in Deductions & credits

What does itemized deductions mean?

Itemized deductions are when you list your tax expenses i...