Itemized vs Standard Deduction

Itemized deduction

Itemized deduction

Itemized deduction

You report each qualified deduction
Requires completing Schedule A and possibly other forms
Could save you more than taking the standard deduction

Standard deduction

Itemized deduction

Itemized deduction

You deduct a flat dollar amount
Less effort than itemizing
The deduction reduces your taxable income

Common itemized deductions

Common itemized deductions

Common itemized deductions

Mortgage Interest
Charitable Donations
Unreimbursed medical expenses over 7.5% of your AGI
State and local taxes up to $10,000

2024 standard deduction

Common itemized deductions

Common itemized deductions

Single: $14,600
Head of Household: $21,900
Married filing joint: $29,200
Married filing separately: $14,600