Can I Itemize Deductions on my Tax Return?

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction. Here’s how we’ll determine if you can itemize or not for 2024 when your return is prepared. Standard deduction amounts The basic standard deduction allowances for 2024 are: $14,600 if you’re single or use married filing separate status, $29,200 if you’re married and file jointly, and $21,900 if you’re a head of household. . Additional standard deduction allowances...