316323
You'll need to sign in or create an account to connect with an expert.
It's unlikely you will have enough to itemize your deductions as the total of all your itemized deductions would have to exceed the standard deduction, which is $12,000 for a single person this year. You don't recover your deductions. They lower your taxable income and you may receive back some of the tax you paid on the higher taxable income. For example if your itemized deductions totaled up to $13, 000, you would receive back the tax you paid on $1,000 dollars (amount by which your itemized exceeded your standard deduction. At a 12% tax rate, your refund might increase by $120. It also depends on how much tax you already paid in. If you are already getting back what you paid in , meaning Box 2 on your W-2, you won't get anymore back.
It's unlikely you will have enough to itemize your deductions as the total of all your itemized deductions would have to exceed the standard deduction, which is $12,000 for a single person this year. You don't recover your deductions. They lower your taxable income and you may receive back some of the tax you paid on the higher taxable income. For example if your itemized deductions totaled up to $13, 000, you would receive back the tax you paid on $1,000 dollars (amount by which your itemized exceeded your standard deduction. At a 12% tax rate, your refund might increase by $120. It also depends on how much tax you already paid in. If you are already getting back what you paid in , meaning Box 2 on your W-2, you won't get anymore back.
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.
eric6688
Level 1
mana1o
New Member
AndrewA87
Level 4
Boyan
Level 4
cindy-zhangheng
New Member