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Standard deduction works well for some
Source:
nola.com
- Mar 25, 2012
Published: Sunday, March 25, 2012, 6:43 AM
The Times-Picayune By The Times-Picayune
I'm working on my taxes and am trying to figure out if it's in my best interest to itemize. Any thoughts?
Whether or not you itemize deductions on your tax return depends on how much you spent on certain expenses last year. If the total amount you spent on qualifying medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions is more than your standard deduction, you can usually benefit by itemizing.
Your standard deduction is based on your filing status and is subject to inflation adjustments each year. For 2011, the deductions are: $5,800 for a single; $11,600 for married couples filing jointly; $8,500 for head of household; $5,800 for married filing separately; $11,600 for a qualifying widower.
The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether another taxpayer can claim an exemption for you. If any of these apply, use the Standard Deduction Worksheet on the back of Form 1040EX, or in the 2010A or 1040 instructions.
Category: IRS
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