Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 2, 2024 12:23:57 PM

What is considered an itemized dedcutionn?

0 2 96
2 Replies
Expert Alumni
Mar 2, 2024 12:29:56 PM

Take a look at the following TurboTax article to learn about itemized deductions.  Some of the most common ones are medical expenses, taxes paid, mortgage interest, and charitable contributions.

 

What Are Itemized Tax Deductions?
 

Level 15
Mar 2, 2024 12:30:50 PM

Medical expenses that are greater than 7.5% of your AGI.  State and local taxes.  State and local income taxes or general sales taxes.  State and local real estate taxes.  State and local personal property taxes.  Home mortgage interest and points.  Investment interest.  Gifts to Charity.  

Other Itemized Deductions as described in IRS Schedule A instructions - https://www.irs.gov/pub/irs-pdf/i1040sca.pdf

 

The total of

all

your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older