When to use “Standard Deduction”

Forum|Forum|4 years ago
January 12, 2022
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I’ve been using TurboTax for many years. I always do it the hard way, itemizing all allowed deductions. For as long as I can remember, TT tells me the best result can be obtained by taking “Standard Deduction”. This year, I’d like to makes things simple and not go through all the multitude of questions, thus eliminating the worry that I may not be giving the right answers. My wife and I file a joint return. We’re retired. All that’s involved is our Social Security benefit, a retirement monthly benefit, a small stock ownership and mortgage interest. We have extra money taken out of all the above, so we usually get a nice return from Federal and State.

Should I simply file taking the standard deduction? I’m not looking for a smaller tax preparation fee. Just want to simplify my filing. Thanks.

Best answer by xmasbaby0

If you want to skip entering your itemized deductions you can do that. Many people will not have enough itemized deductions this year to itemize, and will just be getting their new higher standard deduction. The thing is, though, that some of those deductions could make a difference on a state return even if they do not affect your federal return. Information flows from your federal return to your state return, so it might not be a bad idea to go ahead and enter them anyhow. It cannot hurt you.

The following states allow you to itemize deductions on just the state return: Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Iowa, Kentucky, Minnesota, Mississippi, Montana, New York, North Carolina, Oregon, and Wisconsin,

xmasbaby0

Answer

Level 15

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