How much are standardized deductions

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Rowe Price Funds for k Retirement Savers. Kiplinger's Investing Outlook. A dozen T. Rowe Price mutual funds enjoy a place among the nation's most popular k retirement products. Find out which ones are worth your invest…. November 4, If your income isn't too high, contributing to a retirement account could help you lower your tax bill now. November 11, Go beyond taxes to build a comprehensive financial plan. Find a local financial advisor today. Regardless of where you stand on the financial front, there are a wide range of expenses that you may be able to deduct from your taxes.

Many costs and contributions are deductible, including charitable gifts, mortgage interest , student loan interest, some business-related costs and medical expenses. Deducting these individual expenses on your tax return is known as itemizing deductions. Not everyone will itemize deductions, however. Generally, if your standard deduction is greater than the sum of the itemized deductions for which you qualify, then you just take the standard deduction instead.

The size of your standard deduction depends on a few factors: your age, your income and your filing status. The standard deduction is tied to inflation, so the amounts change a bit each year. Individuals who are at least partially blind or at least 65 years old get a larger standard deduction. If you are married but file taxes separately and your spouse itemizes deductions on his or her return, then you can't claim the standard deduction.

You also can't claim it if you or your spouse, if filing jointly were a non-resident alien at any time during the tax year. Finally, if you change your annual accounting period and file a return that covers less than 12 months, the standard deduction is unavailable.

It's much simpler to claim the standard deduction than to itemize, but it could cost you money. The IRS recommends that you take the time to run the numbers to see which option gives you a bigger deduction TurboTax will do this for you. In particular, you might consider itemizing if you made substantial charitable donations, if you paid mortgage interest and property taxes on your home, or if you had large amounts of out-of-pocket medical expenses, or uninsured losses from a theft or casualty, such as a fire or natural disaster.

Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered. Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Video: What is the Standard Tax Deduction?

What Are Tax Credits? What Are Itemized Tax Deductions? Which Charitable Contributions are Tax Deductible? What is the IRS Form ? Estimate your tax refund and where you stand Get started.