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  • When should you itemize deductions

    • Itemize vs standard deduction calculator.

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    Topic no. 501, Should I itemize?

    Deductions reduce the amount of your taxable income. In general, individuals not in a trade or business or an activity for profit, may take a standard deduction or itemize their deductions.

    The standard deduction is a flat amount based on your filing status (single; married filing separately; married filing jointly; head of household; or qualifying surviving spouse).

    Taxpayers aged 65 and older and blind taxpayers may get an additional deduction.

    What are three itemized deductions i could claim now or in the near future.

  • What are three itemized deductions i could claim now or in the near future.
  • When should you itemize instead of claiming the standard deduction?
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  • Itemized deductions vs standard

    • The IRS adjusts the standard deduction annually for inflation. See How much is my standard deduction? and Topic no. 551 for more information.

    You cannot take the standard deduction if:

    • You are a married individual filing as married filing separately whose spouse itemizes deductions.
    • You are an individual who files a tax return for a period of less than 12 months because of a change in your annual accounting period.
    • You were a nonresident alien or a dual-status alien during the year.

      However, nonresident aliens who are married to a U.S. citizen or resident alien at the end of the year and who choos

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