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February 2, 2020
Question

Deductions and credits for Standard Deduction

  • February 2, 2020
  • 1 reply
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Should I include deductions and credits at all if I'm getting the standard deduction? It seems like it's a waste of my time to enter them at all if I'm getting the standard deduction. Legally am I supposed to enter them anyway?

    1 reply

    February 2, 2020

    No, legally, you don’t have to include all of this information.  If you know, for a fact, that your itemized deductions won’t surpass your federal deduction, you may want to bypass the entry of these items. 

    The federal standard deductions for Tax Year 2019 are 

    • $12,400  if you're Single (+ $1,600 if age 65 or older)
    • $12,400 if you're Married Filing Separately (+ $1,300 if age 65 or older)
    • $24,800 if you're Married Filing Jointly, or a Qualifying Widow(er) (+ $1,300 for each spouse age 65 or older)
    • $18,650 if you're claiming the Head of Household filing status (+ $1,650 if age 65 or older)

    so there may not be any advantage to itemizing for you this year.

    It’s worth pointing out that, if your state has an income tax, and also has itemized deductions, you might be able to meet your state’s itemized deduction threshold, even though you may not meet the federal threshold.

    And, just so you know, your question seems to intermingle deductions and credits.  Even if deductions won’t help you, credits might.  Please see the TurboTax Help article What Are Tax Credits?” for more information.