Page 10 - Other Income for Individuals

THINGS TAXPAYERS SHOULD KNOW WHEN CHOOSING
BETWEEN STANDARD AND ITEMIZED DEDUCTIONS

Itemized deductions

Taxpayers may itemize deductions because that amount is higher than their standard
deduction, which will result in less tax owed or a larger refund. In some cases, they not allowed
to use the standard deduction.

Tax software can guide taxpayers through the process of itemizing their deductions. Taxpayers
who itemize file Schedule A, Form 1040, Itemized Deductions or Form 1040-SR, U.S. Tax
Return for Seniors.

A taxpayer may benefit by itemizing deductions if any of following apply to their tax situation,
they:

• Had large uninsured medical and dental expenses
• Paid interest and taxes on their home
• Had large uninsured casualty or theft losses

• Made large contributions to qualified charities
Individual itemized deductions may be limited. Schedule A, Form 1040, Itemized Deductions

can help determine what limitations may apply.