You'll need to sign in or create an account to connect with an expert.
That depends on your personal situation. The Standard Deduction (what the government allows you no matter what), has been raised pretty significantly a couple of years ago. Unless you have considerable qualified deductions, chances are the Standard Deduction is right for you. Here's a link to a FAQ that explains the Standard Deduction rates for 2020.
What's my standard deduction for 2020? (intuit.com)
See the TurboTax FAQ I'm linking below for more information. The TurboTax program should select the deduction that gives you the most money.
How does the itemized deduction differ from the itemized deduction?
It depends. Every individuals’ situation is unique. To determine which is best for your situation, you need to weigh the tax benefits of each approach. Normally, taking the standard deduction is a more simplistic process especially after the tax reform of 2018 increased the standard deduction for all filing statuses.
Itemizing can potentially be worthwhile if your itemized deductions surpass the standard deduction, allowing you to reduce your taxes.
To determine which is best for your situation please refer to TurboTax: Should I Itemize?
use the option that gives the better result, unless you are filing MFS.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
marygolucky2004
New Member
rhammr9
New Member
Cris
Level 3
Don Riley
Level 2
chag2020
Level 3