Should I Itemize Or Take The Standard Deduction?

If you have numerous itemized deductions such as mortgage interest, charitable contributions, etc., it may make sense for you to itemize your deductions instead of using the standard deduction for your tax filing status. Use this calculator to help you make that decision.
     
  Input and Assumptions

Input
  Estimated AGI: (adjusted gross income)
  Tax filing status
  Number of blind filers
  Number of filers over age 65
  Dental and Medical Expenses

 
  Medical expenses
  Dental expenses
  Taxes You Paid

 
  State and local income taxes
  Real estate taxes
  Personal property taxes
  Other taxes
  Interest (Paid/Received)

 
  Home mortgage interest and points
  Investment interest and dividends received
  Investment interest you paid
  Charitable Contributions

 
  Cash contributions
  "In-kind" contributions
  "Carryover" contributions
     
 

Any rate of return entered into the calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.

The information provided here is to assist you in planning for your future. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please not that individual situations can vary. Therefore, the information should be relied upon when coordianted with individual advice from qualified professionals.