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Itemizing requirements Enter your expenses on the appropriate lines of Schedule A. Add them up. Copy the total amount to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.

The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most. Read on to understand the difference between the standard deduction and itemized deductions.

The process of taking itemized deductions, often called ?itemizing,? allows taxpayers to deduct certain expenses from their taxable income, often up to a certain limit. In lieu of itemizing, taxpayers can reduce their taxable income by a flat amount via the standard deduction.

Itemized deductions are certain expenses allowed by the IRS that can decrease your taxable income. When you itemize on your tax return, you opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

To itemize is to make a list. If you work at a store that sells pet fish, you might need to itemize your stock of fish ? separately listing the number of goldfish, cuttlefish, and jellyfish. When you place items, or individual things, on a list, you itemize them.

Unless you were ineligible for the standard deduction, this means that you took the standard deduction. Another way to check whether you itemized your deductions or took the standard deduction is to look at your Form 1040. Line 9 lets you enter the amount that you are deducting for itemized or standard deductions.

Itemizing requirements Enter your expenses on the appropriate lines of Schedule A. Add them up. Copy the total amount to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.