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Should I choose Itemized or Standard deduction?

Calculating savings from mortgage interest deduction vs. standard deduction?Can I deduct mortgage interest in Kansas with a standard deduction?Is there a “standard deduction” for Line 5 on Schedule A of Federal taxes?Non Resident aliens - Question of standard vs itemizedMy standard deduction amount that I qualify for is higher than my total incomeHow detailed do itemized deductions have to be? (source needed)Where should standard deductions be mentioned on form 1040NR?Estimated taxes itemized deduction?Standard Tax increase starting 2018 and itemized deductionsAMT 2018 Calculation when taking the standard deduction (Alternative Minimum Tax, US)

2

I see I am save more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo Tax? Screenshots below.

1. When I choose Standard Deduction.

2. When I choose Itemized Deduction.

united-states income-tax tax-deduction

share|improve this question

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Ben, with the standard deduction, it appears to be showing tax due for Md.
  
  – prl
  3 hours ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  This seems like a flaw in your tax software--it should take the state rules into account when making a recommendation for itemizing deductions.
  
  – prl
  2 hours ago
  

  
  
  
  

add a comment | 

2

I see I am save more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo Tax? Screenshots below.

1. When I choose Standard Deduction.

2. When I choose Itemized Deduction.

united-states income-tax tax-deduction

share|improve this question

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Ben, with the standard deduction, it appears to be showing tax due for Md.
  
  – prl
  3 hours ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  This seems like a flaw in your tax software--it should take the state rules into account when making a recommendation for itemizing deductions.
  
  – prl
  2 hours ago
  

  
  
  
  

add a comment | 

I see I am save more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo Tax? Screenshots below.

1. When I choose Standard Deduction.

2. When I choose Itemized Deduction.

united-states income-tax tax-deduction

share|improve this question

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

share|improve this question

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

share|improve this question

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

edited 2 hours ago

Chris W. Rea

26.6k1587174

edited 2 hours ago

Chris W. Rea

26.6k1587174

asked 3 hours ago

hmajumdarhmajumdar

24216

asked 3 hours ago

hmajumdarhmajumdar

24216

2 Answers
2

active

oldest

votes

1

From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml

Should I take the standard deduction or itemize? - The federal tax reform of 2017 significantly raised the federal standard deduction. Under current Maryland law, if you take the standard deduction the federal level, you cannot itemize at the Maryland level. You may take the federal standard deduction, while this may reduce your federal tax liability, it may result in an increase to your Maryland income tax liability. The Comptroller’s Office encourages you to run your income tax returns under both deduction methods, and to compare the results of taking the standard deduction versus itemizing yours deductions, to see which method causes the lowest overall tax liability.

share|improve this answer

answered 2 hours ago

prlprl

1,496510

add a comment | 

1

According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return.

Therefore, choosing to itemize will increase your federal AGI slightly (and therefore your federal tax burden), but will reduce your Maryland AGI by potentially up to $20,000. That would explain the significant difference in results you see.

share|improve this answer

edited 12 mins ago

answered 2 hours ago

Guest5Guest5

1,049410

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Is it 2500 or 2250?
  
  – Ben Voigt
  34 mins ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Thanks, fixed above. SE aint easy to do on a phone.
  
  – Guest5
  11 mins ago
  

  
  
  
  

add a comment | 

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1

From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml

Should I take the standard deduction or itemize? - The federal tax reform of 2017 significantly raised the federal standard deduction. Under current Maryland law, if you take the standard deduction the federal level, you cannot itemize at the Maryland level. You may take the federal standard deduction, while this may reduce your federal tax liability, it may result in an increase to your Maryland income tax liability. The Comptroller’s Office encourages you to run your income tax returns under both deduction methods, and to compare the results of taking the standard deduction versus itemizing yours deductions, to see which method causes the lowest overall tax liability.

share|improve this answer

answered 2 hours ago

prlprl

1,496510

add a comment | 

1

From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml

Should I take the standard deduction or itemize? - The federal tax reform of 2017 significantly raised the federal standard deduction. Under current Maryland law, if you take the standard deduction the federal level, you cannot itemize at the Maryland level. You may take the federal standard deduction, while this may reduce your federal tax liability, it may result in an increase to your Maryland income tax liability. The Comptroller’s Office encourages you to run your income tax returns under both deduction methods, and to compare the results of taking the standard deduction versus itemizing yours deductions, to see which method causes the lowest overall tax liability.

share|improve this answer

answered 2 hours ago

prlprl

1,496510

add a comment | 

From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml

Should I take the standard deduction or itemize? - The federal tax reform of 2017 significantly raised the federal standard deduction. Under current Maryland law, if you take the standard deduction the federal level, you cannot itemize at the Maryland level. You may take the federal standard deduction, while this may reduce your federal tax liability, it may result in an increase to your Maryland income tax liability. The Comptroller’s Office encourages you to run your income tax returns under both deduction methods, and to compare the results of taking the standard deduction versus itemizing yours deductions, to see which method causes the lowest overall tax liability.

share|improve this answer

answered 2 hours ago

prlprl

1,496510

share|improve this answer

answered 2 hours ago

prlprl

1,496510

answered 2 hours ago

prlprl

1,496510

answered 2 hours ago

prlprl

1,496510

1

According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return.

Therefore, choosing to itemize will increase your federal AGI slightly (and therefore your federal tax burden), but will reduce your Maryland AGI by potentially up to $20,000. That would explain the significant difference in results you see.

share|improve this answer

edited 12 mins ago

answered 2 hours ago

Guest5Guest5

1,049410

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Is it 2500 or 2250?
  
  – Ben Voigt
  34 mins ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Thanks, fixed above. SE aint easy to do on a phone.
  
  – Guest5
  11 mins ago
  

  
  
  
  

add a comment | 

1

According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return.

Therefore, choosing to itemize will increase your federal AGI slightly (and therefore your federal tax burden), but will reduce your Maryland AGI by potentially up to $20,000. That would explain the significant difference in results you see.

share|improve this answer

edited 12 mins ago

answered 2 hours ago

Guest5Guest5

1,049410

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Is it 2500 or 2250?
  
  – Ben Voigt
  34 mins ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Thanks, fixed above. SE aint easy to do on a phone.
  
  – Guest5
  11 mins ago
  

  
  
  
  

add a comment | 

According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return.

Therefore, choosing to itemize will increase your federal AGI slightly (and therefore your federal tax burden), but will reduce your Maryland AGI by potentially up to $20,000. That would explain the significant difference in results you see.

share|improve this answer

edited 12 mins ago

answered 2 hours ago

Guest5Guest5

1,049410

share|improve this answer

edited 12 mins ago

answered 2 hours ago

Guest5Guest5

1,049410

answered 2 hours ago

Guest5Guest5

1,049410

answered 2 hours ago

Guest5Guest5

1,049410