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New Member
posted Feb 25, 2024 3:52:28 PM

How do I know which deduction to choose standard or itemized?

How do I know if standard deduction is what I need to choose

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2 Replies
Level 15
Feb 25, 2024 3:55:22 PM

The Standard Deduction is automatically used unless you have entered Itemized Deductions on Schedule A with a total which is greater than the Standard Deduction for your filing status.

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

Level 15
Feb 25, 2024 3:57:50 PM

Compare the standard with the itemized deduction and take the greater. If you report your itemized deductions in TurboTax the program will automatically give you the correct one for both federal and state tax.