Can I Take the Standard Deduction and Itemize My Deductions on My Return?
No, you cannot take both the standard deduction and itemize your deductions on the same tax return. The IRS requires taxpayers to choose only one method for claiming deductions: either the standard deduction or itemized deductions.
Choosing Between Standard Deduction and Itemized Deductions
- Standard Deduction: This is a fixed amount based on your filing status. It is simpler to claim and does not require itemizing expenses.
- Itemized Deductions: You can claim specific expenses such as medical costs, charitable contributions, state and local taxes (SALT), mortgage interest, and more. You must file Schedule A (Form 1040) to claim these deductions.
You should choose the option that results in a lower tax liability. In most cases, if your total itemized deductions exceed the standard deduction for your filing status, it is beneficial to itemize. Otherwise, taking the standard deduction is usually more advantageous.
Where to Find Standard Deduction Amounts
If you are filing Form 1040-SR, you can find the Standard Deduction Chart on the last page of that form. For other forms, refer to the IRS instructions for Form 1040 or Publication 505 for guidance on standard deduction amounts based on your filing status.
Important Notes
- You cannot combine both methods on a single return.
- If you file Form 1040-NR, new deductions may be available starting in 2025, but you still must choose between standard deduction or itemizing.
- For detailed information on itemized deductions, refer to Schedule A (Form 1040) and related IRS publications.
Source:
Form 1040
Schedule A (Form 1040)
Publication 526
Publication 505
Form 1040-NR
Disclaimer: Always verify details with official Federal or State Department of Revenue Forms and Instructions.