| Tax Topic #501 |
2008 Tax Year |
Topic 501 - Should I Itemize?
Generally, you must decide whether to itemize deductions or to use the
standard deduction. You should itemize deductions if your allowable itemized
deductions are more than your standard deduction. Some taxpayers must itemize
deductions because they do not qualify for the standard deduction.
Those taxpayers not eligible to use the standard deduction include nonresident
aliens, dual–status aliens, and individuals who file returns for periods
of less than 12 months. When a married couple files separate returns and one
spouse itemizes deductions, the other spouse must also itemize deductions.
For additional information, refer to Publication 501, Exemptions,
Standard Deduction, and Filing Information.
You may be subject to a limit on some of your itemized deductions based
on your adjusted gross income, please refer to the Form 1040 Instructions for these limitation amounts. This limit applies to all itemized
deductions except medical and dental expenses, casualty and theft losses,
gambling losses, and investment interest.
For more information on itemized deductions compared to using the standard
deduction, refer to your Form 1040 Instructions, or Publication 17, Your Federal Income Tax, you may also refer to Topic 551 and Publication 501.
Page Last Reviewed or Updated: December 22, 2008
Previous | Index | Next
SEARCH:
You can search for information in the entire Tax Prep Help section, or in the entire site. For a more focused search, put your search word(s) in quotes.
Tax Topic Categories | FAQ Categories | Tax Prep Help Main | Home
| 
