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02-21-2024, 11:34 AM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
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Quote:
Originally Posted by Pugchief
Clearly, you don't understand how itemizing works. The standard deduction for MFJ in 2023 is $27,200. In order to itemize, you need more than $27,200 in deductions (that's an awful lot of mortgage interest + real estate tax), and even then, the benefit is only the amount ABOVE the 27,200. You get either the standard or the itemization, not both. Very few people itemize anymore after the last remake of form 1040 when they raised the standard deduction so high. The net effect is that people with LOWER income get a standard deduction that is a much higher percentage of their income.
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I am unable to itemize anymore. SALT deductions are limited to $10,000 which is both laughable and sad.
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