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Your standard deduction may be limited if you are claimed as a dependent on someone else's tax return for example, if you are claimed as a dependent on your parents' tax return. You are a nonresident alien, dual–status alien, or an individual who files tax returns for periods of less than 12 months.You are filing as Married Filing Separately and your spouse itemizes (you must both either itemize or claim the standard deduction).You cannot claim the standard deduction if any of the following situations apply to you:
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The standard deduction amounts for any given tax year are based on filing status and age and are updated each year for inflation see the current standard deduction dollar amounts. It is a portion of your income which is not subject to tax, thus reducing your tax bill.
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The standard deduction is a dollar amount that directly reduces your taxable income everyone who is not a dependent is entitled to this deduction. With tax reform and the increased standard deduction amounts, the standard deduction is the best choice for a lot of folks. If you want more information about whether to claim the standard deduction or itemized deductions, read on or start your return on and see the actual results based on your personal tax situation. If you need to change it for other reasons, it is simple to change it as well. Once you have prepared your return, you can view the results and see which method was chosen for you. *Note, the Standard versus Itemized Interactive Calculator is for estimation purposes only and does not include all deductions.Again, when you prepare your return on, we will calculate which is better for you and which gives you the most tax advantages (the largest refund or the lowest taxes owed) for your tax return. In just five quick screens you’ll understand the changes in the standard deduction and itemized deductions, you’ll get an estimate of your deductions based on inputs, it tells you if you may claim standard vs itemized, and makes recommendations for end of year tax moves you can make to increase your itemized deductions. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish, year round, and can review, sign, and file your return.Ĭheck out our Standard vs Itemized Tax Deduction Interactive. And if you have tax questions, you can get your tax questions answered from the comfort of your home with a TurboTax Live CPA or Enrolled Agent. This means you can feel empowered to take charge of your finances starting with doing your own taxes with TurboTax. But,now you may benefit from taking the standard deduction, if the new standard deduction amount for your filing status is more than your itemized tax deductions. You may have itemized your tax deductions in the past if you are for instance a homeowner. TurboTax estimated and the IRS confirmed nearly 90% of taxpayers will now take the higher standard deduction, up from about 70% in previous years. One of the biggest changes to the law nearly doubled the standard deduction and eliminated or limited a number of common itemized deductions many people took in past years. On Decemthe biggest piece of tax legislation in about three decades was passed. This interactive calculator has been updated for your 2019 taxes (The ones you file in 2020).