Question

Itemize deduction

Forum|Forum|6 years ago
January 15, 2020
1 reply
0 views

I am aware of my federal and state taxes and I am catching on to standard deduction. I just do not get itemize deduction which is something I feel like I have to do sense my AGI is lower than the standard deduction which is $12,200 sense I am filing single.

X

xmasbaby0

Employee

Itemized deductions are deductions you can enter like mortgage interest, property taxes, medical expenses, charitable donations, etc. There are some people who have enough of those deductions to exceed their standard deduction, so they enter those deductions instead of taking the standard deduction. The standard deduction is money you do not pay tax on. The itemized deductions are also income that no tax is owed on, so they can increase your refund, or lower the amount of tax owed.

If you are single and have an income lower than 12,200, then you have no need to itemize your deductions.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**