Standard vs Itemized Deductions
[Pages:1]Your Income Taxes
Standard vs Itemized
Deductions
ONE OR THE OTHER, NOT BOTH
Standard Deduction
? The simple deduction method ? Reduces taxable income by a specific
dollar amount ? No Schedule A required
Amounts for 2020 Tax Year
Single and Married Filing Separately $12,400
Head of Household $18,650
Married Filing Jointly and Qualifying Widow(er) $24,800
OR
Itemized Deductions
? Requires you to report amounts paid for qualified deductions
? Reduces taxable income by the sum of your qualified deductions (some items are limited)
? Is advantageous when the total is more than your standard deduction amount
? Requires you to complete Schedule A
Common Deductions
Home Mortgage Interest
Real Estate Taxes
Personal Property Taxes (e.g. vehicle taxes)
Gifts to Charity (cash and non-cash)
Medical and Dental Expenses
Limits
7.5% Limit Medical and Dental Expenses ? deduct only the amount greater than 7.5% of your adjusted gross income
Other Limits and Information
? Job expenses and certain miscellaneous deductions are not deductible
? Deducting interest on home equity loans is limited and has restrictions
? Deduction for casualty and theft losses repealed except when attributable to a federal disaster
? AGI percentage limit for charitable donations increased from 60% to 100%
? For mortgages taken out after Dec. 14, 2017, taxpayers may only deduct mortgage interest on $750,000 of qualified residence loans (prior limit was $1 million)
? Overall limit on itemized deductions is suspended
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This infographic covers most, but not all documentation that might be required for taxpayers.
? 2020
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