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The standard deduction for a single is raised to 12,000. How do I know if this is advantageous as compared to itemizing.?

 
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DanaB
Expert Alumni

The standard deduction for a single is raised to 12,000. How do I know if this is advantageous as compared to itemizing.?

TurboTax will automatically compare and use what is more advantageous. The Itemized Deduction will only be beneficial if you have more than $12,000 of itemized deductions. Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your Adjusted Gross Income (AGI)
  • State, local, real estate, and personal property taxes (limited to $10,000)
  • Home mortgage interest
  • Charitable donations and gifts

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