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. However, with change in tax law capping some itemized deductions while increasing the standard deduction it might be better not to itemize and take the standard deduction. Calculate below to find out what is best for your situation when it comes to filing your taxes.
Input and Assumptions
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 ($) 
The information provided here is to assist you in planning for your future. 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 note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice.

Any rate of return entered into the interactive 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.

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