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Video: What Is the Standard Tax Deduction?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 • August 22, 2024 01:51 PM
OVERVIEW

Note: The reference to the Standard Deduction amount in this video applies only to taxes prepared for 2010. It is included here for reference only. The Standard Deduction gives taxpayers the option of claiming a predictable lump-sum deduction instead of adding up their personal and business deductions. Get the pros and cons of Standard Deductions in this video on tax basics.

TABLE OF CONTENTS

 

Video transcript:

Hello, I'm Sara from TurboTax with important news on the Standard Deduction.

Are you wondering whether to take the Standard Deduction or to itemize this year? Figuring this out is easier than you think. Each year, taxpayers have the option of claiming a Standard Deduction amount or to add up their individual expenses for the year and report them as itemized deductions. Both will reduce your taxable income and save you money on your taxes, but unless the amounts are equal, one always provides more tax savings than the other.

Let's walk through an example to see how this works. In 2010, the Standard Deduction for a single taxpayer is $5,700*. What this means is that a single taxpayer must have more than $5,700 ($13,850 in 2023) of itemized deductions to increase their tax savings by itemizing.

Since all itemized deductions are reported on a schedule A attachment to income tax returns, the instructions will provide you with the types of expenses you can itemize. Commonly these include mortgage interests, property taxes, medical expenses, charitable contributions and some work related expenses. Add these up and compare it to the Standard Deduction.

When you use TurboTax, we do this for you, then we recommend whether itemizing or claiming the Standard Deduction will get you the best results.

One word of caution to married taxpayers filing separately—the IRS will not let you itemize your deductions if your spouse does so on their return. Regardless of your expenses, you can only take the Standard Deduction. Most married taxpayers save more by filing jointly. For more tax tips and guidance, visit TurboTax.com.

*The Standard Deduction in 2023 for single taxpayers is $13,850. It increases to $14,600 for 2024.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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