Video: What Are Itemized Tax Deductions?
Itemized tax deductions can help save you even more money during tax season if your deductions exceed the standard amount. Learn about itemizing your tax deductions with help from TurboTax in this video on annual tax filing.
For tax years beginning 2018, the 1040A and EZ forms are no longer available. They have been replaced with a new 1040 form. For those who are filing or amending prior year returns, you can continue to use form 1040A or EZ.
- The standard deduction is a flat amount set by the IRS for each filing status that you can deduct from your taxable income. The standard deduction is simple, but may not allow you to maximize your tax savings.
- Itemized tax deductions are individual expenses you can claim to decrease your taxable income. Added up together, they can add up to more than your standard deduction and potentially save you a lot on your taxes.
If you decide to itemize, you'll need to fill out a Schedule A attachment with your tax return. Note that you'll need to file on a standard Form 1040, as forms 1040EZ and 1040A don’t allow itemized deductions (beginning with the 2018 tax year, forms 1040EZ and 1040A will no longer be available).
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