Do i file Standard Deduction or itemizing?

Forum|Forum|5 years ago
January 23, 2021
3 replies
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TurboTax Deluxe Online

Kat11_2

Alumni - Champ

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?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

GloriaL

Alumni - Intuit

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?