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Generally, your refund will be higher if you claim itemized deductions, but not necessarily.
Are both your itemized deduction amount and your standard deduction amount greater than your adjusted gross income? If so, it doesn't matter which deduction you take, since they'll both result in you having no taxable income.
If that’s not the case, please provide any additional detail you can.
How much are your Itemized Deductions? The questions I've seen turn out that the Standard Deduction + the extra 300 for charity is more than your Itemized Deductions . Check 1040 line 10b.
And by increasing your deductions it will decease your income and you may not be getting as many credits as before. Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax or the 10% early withdrawal penalty from 401k or IRA accounts.
My itemized deductions are at $26,225. Line 10b is blank. The space next to that is $9098 which is my charitable contributions and 10a is $250.
None of the situations you mentioned below apply. Not sure if my income has decreased to the point of not receiving as many credits.
@VolvoGirl wrote:And by increasing your deductions it will decease your income and you may not be getting as many credits as before. Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax or the 10% early withdrawal penalty from 401k or IRA accounts.
My adjusted gross income is showing as $85,587 in my Federal Tax Summary. The standard deduction will be $24,800 for me since my wife and I are married filing jointly. And my itemized deductions are showing as $26,225 when I ask the program to show the breakdown of the itemized deductions.
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