How do I calculate itemized deductions?
An example of an AI chatbot conversation about calculating itemized deductions for taxes.
How do I calculate itemized deductions?
To calculate itemized deductions, you'll need to gather your eligible expenses such as medical costs, mortgage interest, and charitable donations.
What types of expenses can I include?
You can include expenses like medical expenses, state and local taxes, mortgage interest, and charitable contributions.
Is there a limit on how much I can deduct?
Yes, some deductions have limits. For example, medical expenses must exceed 7.5% of your adjusted gross income to be deductible.
How do I know if itemizing is better than taking the standard deduction?
Compare your total itemized deductions to the standard deduction for your filing status. Choose the higher amount to maximize your tax benefit.
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