Should I use My tax breaks that total $35,000.00 including the income tax I paid, instead of my Standard deductions which is $24,000.00?

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1 Best answer

Level 15

Jun 6, 2019 12:11:09 AM

If you can exceed the standard deduction then "yes" you should take the higher of the two to minimize your income taxes.

Only the State income tax -not the Federal taxes withheld are an itemized deduction.

Also the new tax law capped the State and Local Income taxes (SALT) at $10,000.

Really the best way to find out is to enter it in the program to see if you exceed the $24,000.

For some more detail on the tax law changes see this detailed explanation below.

Level 15

Jun 6, 2019 12:11:09 AM

If you can exceed the standard deduction then "yes" you should take the higher of the two to minimize your income taxes.

Only the State income tax -not the Federal taxes withheld are an itemized deduction.

Also the new tax law capped the State and Local Income taxes (SALT) at $10,000.

Really the best way to find out is to enter it in the program to see if you exceed the $24,000.

For some more detail on the tax law changes see this detailed explanation below.