Tax Deduction Wisdom - Should You Itemize? - TurboTax Tax Tips & Videos
To figure out whether itemizing would be profitable for you, you need to determine whether the allowable expenses you paid during the year – for things like home mortgage interest and property taxes, state income or sales taxes, medical expenses, charitable donations, etc.—exceed the standard deduction for your filing status. Here are the basic numbers to beat for 2015 returns:
- Standard deduction for single taxpayers - $6,300
- Standard deduction for married taxpayers filing a joint return - $12,600
- Standard deduction for head of household taxpayers - $9,300
Those are the numbers for most of us, but some people get even higher standard deductions. If you're 65 or older or blind, you get to increase your standard tax deduction by the amount listed below.
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