CHAPTER 13Claiming the Standard Deduction or Itemized Deductions
For most taxpayers, the standard deduction provides a larger deduction than itemizing deductions does, given the large increase in the standard deduction and reductions to or elimination of certain itemized deductions (13.2) for years after 2017.
The basic 2022 standard deduction amount is $12,950 for a single person and a married person filing separately, $19,400 for a head of household, and $25,900 for a married couple filing jointly or a qualifying widow/widower. Larger standard deductions are allowed to individuals who are age 65 or older or blind (13.4), and lower standard deductions are allowed to dependents with only investment income (13.5).
Before deciding whether to itemize or claim the standard deduction, compare your allowable standard deduction to your allowable itemized deductions for mortgage interest, state income tax and property taxes, medical costs, charitable donations, and “other” itemized deductions, as explained in Chapters 14 through 19.
Table 13-1 Itemized Deductions and the Standard Deduction ...
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