Itemized vs Standard Deduction Calculator
Should you itemize or take the standard deduction? Enter your expenses to see which option saves you more on taxes.
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Deduction Comparison
Standard deduction (2024):
- Single: $14,600
- Married Filing Jointly: $29,200
- Head of Household: $21,900
Itemized deductions include:
- Mortgage interest on up to $750,000 of debt
- State and local taxes (SALT): Capped at $10,000
- Charitable contributions: Up to 60% of AGI
- Medical expenses: Only amounts exceeding 7.5% of AGI
When to itemize: If your total itemized deductions exceed the standard deduction, you save more by itemizing.
Most taxpayers take the standard deduction since the 2017 Tax Cuts and Jobs Act nearly doubled it.
This is a simplified comparison. Consult a tax professional for your situation.