Itemize deduction

dtweed17 · ‎January 14, 2020

I am aware of my federal and state taxes and I am catching on to standard deduction. I just do not get itemize deduction which is something I feel like I have to do sense my AGI is lower than the standard deduction which is $12,200 sense I am filing single.

xmasbaby0 · ‎January 14, 2020

Itemized deductions are deductions you can enter like mortgage interest, property taxes, medical expenses, charitable donations, etc. There are some people who have enough of those deductions to exceed their standard deduction, so they enter those deductions instead of taking the standard deduction. The standard deduction is money you do not pay tax on. The itemized deductions are also income that no tax is owed on, so they can increase your refund, or lower the amount of tax owed.

If you are single and have an income lower than 12,200, then you have no need to itemize your deductions.

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