Deductions
What deductions can you claim in your taxes? and it is necessary to add them in your tax return?
Answers
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Hello Jine,
You can claim two types of deductions: 1) the Standard Deduction, and 2) Itemized Deductions.
The Standard Deduction is a fixed amount set by the IRS, while Itemized Deductions allow you to deduct specific expenses such as medical costs, mortgage interest, and charitable contributions.
You must choose either the Standard Deduction or Itemized Deductions on your tax return, typically selecting the option that results in the higher deduction.
If you don't have many Itemized Deductions, you can claim the Standard Deduction, which may vary depending on your filing status.
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When you file a tax return, deductions reduce your taxable income. Most people take the standard deduction, which lets you subtract a set amount from your income based on your filing status.
The standard deduction amounts for 2024 are:
-Married filing jointly $29,200
-Single and married individuals filing separately $14,600
-Head of Household $21,900If your deductible expenses and losses are more than the standard deduction, you can save money by deducting them one-by-one from your income, this is called itemizing your deductions. FreeTaxUSA will walk you through entering your deductions and will help determine which option will result in the best outcome based on your situation.
The IRS has many itemized deductions that you can use to reduce your taxable income. The most common are mortgage interest, charitable contributions, medical and dental expenses over 7.5% of AGI, and state & local taxes.You can choose to skip entering your itemized deductions, but if you're also filing a state return, Itemized Deductions may lower your state taxes even if you end up taking the Standard Deduction on your federal return.
We recommend that you enter all Itemized Deductions that apply to you, just to be sure you're getting the best deduction possible. However, if you're confident that your Standard Deduction is larger than your Itemized Deductions, you can skip entering them.
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Can deduct SSA for med deduction if I itemzed?
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Hi,
When you ask about SSA, are you asking about your social security Medicare premiums? If so, then, Yes. Since it is a medical premium, you may itemize it as a medical deduction. Keep in mind that medical deductions are limited to 7.5% of your AGI.
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How do I file my federal return with the standard deduction and choose to itemize on one or more of my state returns? It seems like there is only one option to apply to all returns, even though Kansas is listed as one of the states that allows filers to itemize their state return while taking the standard deduction on their federal return. I cannot file separately through the KS webfile system due to a filing status change this year.
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Hi momom,
For Kansas, our software will do that work for you. Make sure to enter your itemized deduction information under the Deductions/Credits > Itemized Deductions Selection section of your account. Then, even if you take the standard deduction for your federal return, our software will calculate whether the standard or itemized deduction would be better for your Kansas state return.
Go to State > State Summary to view the Kansas State Summary in your account. That screen should tell you whether you are using the itemized or standard deduction on your KS return.
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