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April 16, 2021
Question

May I file with Standard Deduction after itemizing with little difference between the two?

  • April 16, 2021
  • 1 reply
  • 0 views
When itemized deduction amount is less than the cost of itemizing, can I revert to the Standard deduction?

1 reply

RayW7
April 16, 2021

We automatically select the deduction that gives you the best outcome on your federal taxes. Most 2020 federal tax filers will be better off with the standard deduction versus the itemized deduction.

 

In TurboTax, you can always switch to a different deduction. However, if you and your spouse are filing separate federal returns, both of you must take the same deduction per IRS rules.

 

Tip: It's best to hold off on switching until after you've finished going through the Deductions & Credits section. That way you can get an accurate picture of how both deductions affect your bottom line. Also, keep in mind that switching to the other federal deduction may impact your state tax return.

 

-for instructions on how to switch see below-

TurboTax Online instructions

TurboTax CD/Download instructions

What about my state?