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I don’t know the difference between standard decutions and itemized can someone explain more into depth ?

 
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Anonymous
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I don’t know the difference between standard decutions and itemized can someone explain more into depth ?

the standard deduction is a fixed amount based on filing status and if over 65 there is an additional amount.  itemized includes medical expenses in excess of 10% of adjusted gross income, taxes up to $10,000, charitable contributions, home mortgage interest subject to certain limitations, investment interest expense limited to investment income.

 

if itemized deductions are entered TT compares that to your standard deduction and takes the larger.  

for 2019 standard is  single 12200 double that for a joint return addition 1300 if over 65 double that if joint return and both over 65

I don’t know the difference between standard decutions and itemized can someone explain more into depth ?

https://ttlc.intuit.com/questions/1901530-how-does-the-itemized-deduction-differ-from-the-standard-d...

 

https://ttlc.intuit.com/questions/1900142-how-can-i-tell-which-deduction-standard-or-itemized-i-m-

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

 

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income.  It is not a refund. 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

 

Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction amount

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I don’t know the difference between standard decutions and itemized can someone explain more into depth ?

On the help pop-up available on the screen that asks if the itemized deduction was taken there is no mention of the additional amount afforded those over 65 as correctly mentioned by the reply above. Thus, the help screen provides incorrect advice for those eligible.

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