marco and tatiana are married and file separate returns for 2021. tatiana itemizes her deductions on her return. marco's adjusted gross income was $18,000, his itemized deductions were $2,400. neither have any dependents.

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13-09-2022
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marco and tatiana are married and file separate returns for 2021. tatiana itemizes her deductions on her return. marco's adjusted gross income was $18,000, his itemized deductions were $2,400. neither have any dependents.

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Tutorconsortium353 Tutorconsortium353 · Answer 1 · 2022-09-15T14:53:14+02:00

Since Marco's itemized deductions are lower than the standard deduction, he should not itemize. His taxable income = AGI - standard deduction = $18,000 - $12,400 = $5,600.

Marco's total income tax liability = $5,600 x 10% = $560

Taxpayers should not itemize when the deductions are lower than the standard deduction.

Usually, who takes itemized deductions?

When they can deduct more under the itemized deductions cap than under the standard deduction, taxpayers often opt to itemize. About 30% of taxpayers opted to itemize in recent years.

What are some typical itemized deductions?

Itemized deductions: types

You can have up to two residences' mortgage interest.

your local, state, and/or state sales taxes.

Real estate taxes.

To Know more about standard deduction

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