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Should I itemize my deductions?
In general, you should itemize your taxes if your total deductions exceed your standard deduction. For 2008, the standard deduction amounts are:
- Single: $5,450
- Head of Household: $8,000
- Married Filing Separately: $5,450
- Married Filing Jointly or Qualifying Widow(er) With Dependent Children: $10,900.
The standard deduction is higher if you are 65 or older, blind, or both. It is reduced if someone else can claim you as a dependent on their return.
For 2009, the standard deduction amounts are:
- Single: $5,700
- Head of Household: $8,350
- Married Filing Separately: $5,700
- Married Filing Jointly or Qualifying Widow(er) With Dependent Children: $11,400.
In a very few cases, you may be better off using the standard deduction because of state tax rules. Ask a tax professional for more information.Return to Questions
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