Should I itemize?

3 replies
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I was working on my tax return and I filled in all my info: my new home, my new car, my W2, and my donations. Then when I was about finished, it asked if I wanted to itemize. When I clicked no, my federal tax return went from about $2,400 to about $450. My state tax return went from like $400 to $160. Does that mean if I itemize, I will get those amounts that were showing up on the side prior to hitting no to itemizing?

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Irene2805

Alumni - Intuit

Yes. If your itemized deductions are larger than the standard deduction for your filing status, it is more beneficial to itemize.

The standard deductions are:

Single - $6,300
Married Filing Jointly - $12,600
Married Filing Separately - $6,300
Head of Household - $9,300
Qualifying Widow(er) - $12,600

lambchop2goAuthor

Level 2

When I first started the tax return process, it didn't ask if I was itemizing or standard deduction, so I automatically assumed I was doing standard. As soon as I entered my home information and car information, the return increased drastically and then as soon as I hit no to itemized, it went down drastically, so does that mean it defaults as itemized when you start?