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No, you still need to pick one way (Itemized Deductions Schedule A) or the other (Standard Deduction).
The Standard Deduction for tax year 2016 is:
Single is $6,300 and Married Filing Jointly is $12,600.
The exemption amount for 2016 is $4,050 and $1,250 is added if over 65 or blind.
Please see the answer below for a more accurate response:
No, you still need to pick one way (Itemized Deductions Schedule A) or the other (Standard Deduction).
The Standard Deduction for tax year 2016 is:
Single is $6,300 and Married Filing Jointly is $12,600.
The exemption amount for 2016 is $4,050 and $1,250 is added if over 65 or blind.
Please see the answer below for a more accurate response:
2016 Standard Deductions
Single $6300 (65 or older + $1550)
Married Filing Separately $6300 (65 or older + $1250)
Married Filing Jointly $12,600 (65 or older + $1250@)
Head of Household $9300 (65 or older + $1550)
Note: Sales tax is an itemized deduction. You need enough itemized deductions to exceed your standard deduction in order for your tax due or refund to be affected.
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