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Itemize vs Standard Deduction Calculator

Should I itemize or take the standard deduction?

If you have numerous itemized deductions such as mortgage interest, charitable contributions, etc., it may make sense for you to itemize your deductions instead of using the standard deduction for your tax filing status. However, with change in tax law capping some itemized deductions while increasing the standard deduction it might be better not to itemize and take the standard deduction. Calculate below to find out what is best for your situation when it comes to filing your taxes.

Input and Assumptions

Dental and Medical Expenses

Interest (Paid/Received)

Charitable Contributions

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Standard vs. Itemized Deduction Calculator Example

Embedded Example of this Standard vs. Itemized Deduction Calculator

Embedded Example of this Standard vs. Itemized Deduction Calculator
Money Help Center

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.