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If you choose to file your tax return on a 1040A or 1040EZ, you cannot itemize deductions with Schedule A. But remember, when you prepare your tax return with TurboTax, we'll ask you simple questions and do all the math to determine whether itemizing or taking the standard deduction will save you the most money.
With your return open, click Federal Taxes tab near the top (in the Home & Business version, click Personal). Now click Deductions & Credits below the tabs. When asked how you want to enter your deductions and credits, click the button on the right, I'll choose what I work on.
TurboTax is designed to choose between the standard deduction and the itemized deductions so that the program picks the best option for you. However, if you need to switch the option TurboTax chooses, open your return and then search for itemized deductions and exemptions inside your TurboTax program. Click OK.
Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses from a Federally declared disaster. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.
Click the Federal Taxes tab. Then, Deductions & Credits. Scroll all the way to the bottom, and click Wrap up tax breaks. Continue through the interview screens. The last screen will give TurboTax's suggestion for a deduction titled "We've chosen [standard or itemized] for you"
Itemized deductions are tax deductions that you take for various expenses you incurred during the tax year. They can sometimes exceed the standard deduction, meaning that itemizing on your tax return can make a huge difference in your tax bill. There are dozens of itemized deductions out there.
When you use TurboTax, we do this for you, then we recommend whether itemizing or claiming the standard deduction will get you the best results. Regardless of your expenses, you can only take the standard deduction. Most married tax payers save more by filing jointly. For more tax tips and guidance, visit TurboTax.com.
Itemizing means deducting each and every deductible expense you incurred during the tax year. For this to be worthwhile, your itemizable deductions must be greater than the standard deduction to which you are entitled. For the vast majority of taxpayers, itemizing will not be worth it for the 2018 and 2019 tax years.
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