How do I find out if standard deductible is best way to file and the difference between the 2?

ninaroar · ‎April 5, 2020

AlanT222 · ‎April 5, 2020

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.

On the other hand, itemizing deductions allows you to list (itemize) your deductions on Schedule A.

The IRS lets you either choose the "bundled" Standard Deduction or go "a la carte" and itemize your deductions. Naturally, most taxpayers want the one that gives them the most money back. After you've completed the Deductions & Credits section of TurboTax, we'll let you know which deduction gives you the biggest tax break.

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AlanT222 · ‎April 5, 2020

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.

On the other hand, itemizing deductions allows you to list (itemize) your deductions on Schedule A.

The IRS lets you either choose the "bundled" Standard Deduction or go "a la carte" and itemize your deductions. Naturally, most taxpayers want the one that gives them the most money back. After you've completed the Deductions & Credits section of TurboTax, we'll let you know which deduction gives you the biggest tax break.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I find out if standard deductible is best way to file and the difference between the 2?