Page 9 - Individuals Reference Guide

Deductions Itemized Deductions

for - 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.

Individuals - Tax software can guide taxpayers through the process of itemizing their

deductions.Taxpayers who itemize file Schedule A Form 1040, Itemized

Deductionsor 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 Deductionscan help determine what limitations may apply.

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