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June 6, 2019
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Should I use My tax breaks that total $35,000.00 including the income tax I paid, instead of my Standard deductions which is $24,000.00?

  • June 6, 2019
  • 1 reply
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Best answer by MichaelL1

If you can exceed the standard deduction then "yes" you should take the higher of the two to minimize your income taxes.

Only the State income tax -not the Federal taxes withheld are an itemized deduction.

Also the new tax law capped the State and Local Income taxes (SALT) at $10,000.

Really the best way to find out is to enter it in the program to see if you exceed the $24,000.

For some more detail on the tax law changes see this detailed explanation below.

https://ttlc.intuit.com/replies/6971774


1 reply

MichaelL1
MichaelL1Answer
Employee
June 6, 2019

If you can exceed the standard deduction then "yes" you should take the higher of the two to minimize your income taxes.

Only the State income tax -not the Federal taxes withheld are an itemized deduction.

Also the new tax law capped the State and Local Income taxes (SALT) at $10,000.

Really the best way to find out is to enter it in the program to see if you exceed the $24,000.

For some more detail on the tax law changes see this detailed explanation below.

https://ttlc.intuit.com/replies/6971774