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.

How Will the Tax Cuts and Jobs Act of 2017 Impact Me

The Tax Cuts and Jobs Act doubled the standard deduction and for tax year 2024 it has increased to $14,600 for single filers and $29,200 for married filing jointly, but completely eliminates personal exemptions. State, local and property tax deductions for those itemizing will be capped at $10,000. It also expands the medical expense deduction for two years for filers meeting that threshold from 10% AGI to 7.5% AGI. Mortgage interest will be deductible for mortgages up to $750,000 ($375,000 for married taxpayers filing separately) on properties purchased on or after December 15, 2017 and $1,000,000 ($500,000 for married taxpayers filing separately) on homes purchased before that date. The ceiling for charitable donations is now 60% of AGI. Use this calculator to determine which option is best for you.

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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
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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.

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