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Does Tax Reform Impact How I Claim Standard vs. Itemized Deductions?

On December 22, 2017 the biggest piece of tax legislation in about three decades was passed.  One of the biggest changes to the new law nearly doubles the standard deduction and eliminates or limits a number of common itemized deductions many people took in past years. Our estimate is that 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 more taxpayers can feel empowered to take charge of their finances starting with doing their own taxes with TurboTax. And if they have tax questions they can get their tax questions answered with a live CPA or Enrolled Agent, with TurboTax Live.

Check out our Standard vs Itemized Tax Deduction Interactive, that in just five quick screens helps you understand the changes in the standard deduction and itemized deductions, gives you an estimate of your deductions based on inputs, tells you if may claim standard vs itemized, and makes recommendations on some end of year tax moves you can make to increase your itemized deductions.