deductions_calculator
deductions_calculator

Standard vs Itemized Deduction Calculator

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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  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.

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.

Don’t worry about knowing how to figure out whether you can claim the standard deduction or itemized deductions.  You can come to TurboTax and fully hand off your taxes to a TurboTax Live tax expert with an average 12 years experience available in English and Spanish.

*Note, the Standard versus Itemized Interactive Calculator is for estimation purposes only and does not include all deductions.

Lisa Greene-Lewis

Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis

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