This interactive calculator has been updated for your 2019 taxes (The ones you file in 2020).
On December 22, 2017 the biggest piece of tax legislation in about three decades was passed. One of the biggest changes to the law nearly doubled the standard deduction and eliminated or limited a number of common itemized deductions many people took in past years. TurboTax estimated and the IRS confirmed nearly 90% of taxpayers will now take the higher standard deduction, up from about 70% in previous years. You may have itemized your tax deductions in the past if you are for instance a homeowner. But,now you may benefit from taking the standard deduction, if the new standard deduction amount for your filing status is more than your itemized tax deductions.
This means you can feel empowered to take charge of your finances starting with doing your own taxes with TurboTax. And if you have tax questions, you can get your tax questions answered from the comfort of your home with a TurboTax Live CPA or Enrolled Agent. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish, year round, and can review, sign, and file your return.
Check out our Standard vs Itemized Tax Deduction Interactive. In just five quick screens you’ll understand the changes in the standard deduction and itemized deductions, you’ll get an estimate of your deductions based on inputs, it tells you if you may claim standard vs itemized, and makes recommendations for end of year tax moves you can make to increase your itemized deductions.
*Note, the Standard versus Itemized Interactive Calculator is for estimation purposes only and does not include all deductions.