If I itemize deductions for my taxes is there a de...
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New Member

If I itemize deductions for my taxes is there a deduction for myself as a dependent or is it strictly interest, contributions to charity, etc?

 
4 Replies
Level 14

If I itemize deductions for my taxes is there a deduction for myself as a dependent or is it strictly interest, contributions to charity, etc?

Itemized deductions include medical expenses, mortgage interest payments, state income taxes, property taxes and charitable contributions to name the most common. No personal deduction is included. 

Level 15

If I itemize deductions for my taxes is there a deduction for myself as a dependent or is it strictly interest, contributions to charity, etc?

Prior to 2018, you were allowed a personal "exemption" (about $4000 deduction) for yourself, your spouse and each dependent.  You git that whether you itemized deductions or took the standard deduction.

 

Exemptions were eliminated in 2018 and replaced with a bigger standard deduction.  There is no additional itemized deduction for persons (self, spouse or dependent)

 

 

 

 

Level 15

If I itemize deductions for my taxes is there a deduction for myself as a dependent or is it strictly interest, contributions to charity, etc?

Personal "exemptions" ended with your 2017 tax return.  Instead of a personal exemption you get either a higher standard deduction or--if you have enough itemized deductions--you get the itemized deductions instead of the standard deduction.

 

STANDARD DEDUCTION

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. (Only the amount that is MORE than 7.5% of your AGI counts)   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.  You will see your standard or itemized deduction amount on line 12 of your 2020 Form 1040.

 

 

2020 Standard Deduction Amounts

 

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

**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.**
Level 15

If I itemize deductions for my taxes is there a deduction for myself as a dependent or is it strictly interest, contributions to charity, etc?

See for yourself, here is schedule A Itemized Deductions

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf 

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