Can i itemize my taxes

If you plan to itemize, you will need to include a Schedule A tax form with your tax return along with your form. Completing a Schedule A form is pretty easy. It has a breakdown of the different deductions you can claim, including:. Finally, in box 17, you will add up the amounts from boxes 4, 7, 10, 14, 15, and This will give you the total value of your itemized deductions.

You'll need to be sure to keep receipts and documentation to back up the amount you've listed on this form in case you get audited. Not doing so could be one of the biggest tax mistakes. But you don't need to send all this paperwork to the IRS with your returns.

In other words, the IRS doesn't expect you to send in your medical bills if you're claiming the medical expense deduction, but you might have to provide those bills if the IRS audits you.

Is it worth itemizing deductions in ? It is worth itemizing deductions in any tax year when the amount of your itemized deductions exceeds the value of the standard deduction. Doing so will allow you to save more money because your itemized deductions will provide a greater reduction in your taxable income. In , you will file your tax returns for the tax year. If your itemized deductions add up to more than these amounts, it's probably worth itemizing.

You will file your tax return in for income you earn in Unless your itemized deductions exceed these limits, it's probably not worth itemizing. If you wish to deduct mortgage interest expenses, you will need to itemize on your tax returns. Itemizing means claiming deductions for qualifying tax-deductible expenses. The expenses you can deduct if you itemize include mortgage interest; medical expenses exceeding 7. Most taxpayers qualify to use free, brand-name software to prepare and file their federal tax returns electronically.

IRS Free File is the easiest way to file. Free File software helps taxpayers determine if they should itemize. It files the right tax forms based on the answers the taxpayer provides. Free File software does the math and allows the user to e-file the tax return — for free. Figure Your Itemized Deductions.

Taxpayers need to add up deductible expenses they paid during the year. These may include expenses such as: Home mortgage interest State and local income taxes or sales taxes but not both Real estate and personal property taxes Gifts to charities Casualty or theft losses Unreimbursed medical expenses Unreimbursed employee business expenses Special rules and limits apply. Visit IRS. Know The Standard Deduction. And when you claim itemized deductions, you lower your income from a list of qualifying expenses that were approved by the IRS.

Taxpayers usually claim the option that lowers their tax bill the most. When you itemize deductions, you are listing expenses that will later be subtracted from your adjusted gross income to reduce your taxable income. If your expenses throughout the year were more than the value of the standard deduction, itemizing is a useful strategy to maximize your tax benefits.

Keep in mind that not all expenses qualify when you itemize. Itemized deductions include products, services, or contributions that have been approved by the IRS.

In brief, things you can deduct include:. Itemized deductions are called below the line deductions because they are subtracted from your adjusted gross income. To decide whether itemizing is worth it, you will need to do some math.