Itemize or Standard Deduction?

[UKUGA]

When you file your federal taxes, do you itemize or take the standard deduction?

If you itemize, what is driving your itemized list of deductions (SALT, charity, medical, mortgage interest, etc?).

I will admit, I was initially surprised at how many people told me they no longer itemize since the 2017 tax law changes.

FWIW, I still itemize.

Thanks to all who participate.

 

[Creed Bratton]

Since we no longer have child care the standard is usually more than our itemized deductions.

 

[mdlUK.1]

I'm crazy, I guess. I still itemize every year but still end up with the standard deduction.

 

[BlueBallz]

Since the standard deduction went up, I don’t have enough expenses to itemize.

 

[megablue]

"The TCJA eliminated or restricted many itemized deductions for 2018 through 2025. This, together with a higher standard deduction, reduced the number of taxpayers who itemize deductions. In 2017, 31 percent of all individual income tax returns had itemized deductions, compared with just 9 percent in 2020."

How did the TCJA change the standard deduction and itemized deductions?

taxpolicycenter.org

There may be more current data, but I couldn't find it ...

 

[Creed Bratton]

The one area it seems itemizing helps us is for KY State income tax.

 

[LineSkiCat14]

I have far too many write-offs for standard deduction. Let me tell you, while the gov't has it's hand in my pocket, I have one hand in theirs.

 

[BC_Wader]

We do the standard deduction. I believe it's around 29,000 for married filing jointly. We have no way near that amount to write off. Plus it saves the headache of not having to keep every single receipt or looking for needles in haystacks to get over that number. Not sure the amount would be for single filers.

 

[downw/ball-lineD]

How about we just do away with THE most UNAMERICAN law ever passed? Then no one has to share THEIR personal info with our omnipotent/oppressive gov't. Won't have to worry about what type of Deduction to take. One national sales tax. Choose to pay it if you purchase the item......or don't. Time to get back to a free society.

 

[Hank Camacho]

No idea. That's why I pay an accountant.

 

[UKGrad93]

The one area it seems itemizing helps us is for KY State income tax.

Same in iowa

 

[vhcat70]

There shouldn't be itemized deductions. Spend your money however you like, but pay income tax on your income.