How much do I need to itemize to exceed the standard deduction?

Answer How much you need to itemize to exceed the standard deduction depends on your demographic. In 2010, single payers received a standard deduction of $5,700, but this doubles for married filers, accor... Read More »

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Does Indiana allow you to itemize& take the standard deduction?

Indiana does not have a standard deduction. Indiana taxpayers itemize their deductions. The list of deductions for Indiana is on Schedule 2. Indiana taxpayers must attach Schedule 2 to their Form I... Read More »

Should i itemize taxes&itemize income tax deductions?

On One Hand: Itemizing Allows More DeductionsTaxpayers who itemize income tax deductions are allowed to use every relevant legal deduction. Specifically, payments for mortgage interest, unreimburse... Read More »

What is the Standard Deduction for 2007?

In 2007, the standard deduction for single taxpayers or for married taxpayers filing separately was $5,350. For married individuals filing jointly, the standard deduction was $10,700 and for head o... Read More »

What was the standard deduction in 2008?

The standard deduction for 2008 depended on your filing status. For singles and those who were married but filed separately, the deduction was $5,450. For heads of household, the deduction was $8,0... Read More »