The CPA Group, P.C.

 

4267 Canal Avenue SW

Grandville, MI 49418

Phone: 616-538-0460

 

Website: www.thecpagroup.com

February 2024

When You Can't or Shouldn't Claim the Standard Deduction

Standard deduction on federal income tax return forms and calculator. Federal tax return, income tax and tax refund concept

The higher standard deduction has some people thinking they can handle their own personal income-tax preparation. They may want to think again. For instance, you can’t use the standard deduction if you’re:

  • A married individual filing as married filing separately whose spouse itemizes deductions

  • Filing a tax return for less than 12 months because of a change in your annual accounting period

  • A nonresident alien or a dual-status alien during the year—unless you’re married to a U.S. citizen or resident alien at the end of the year and choose to be treated as a U.S. resident for tax purposes

  • Filing as an estate or trust, common trust fund, or partnership


Even with standard deductions of $27,700 for 2023 and $29,200 for 2024, you may want to itemize deductions if you:

  • Had large uninsured medical and dental expenses

  • Paid interest and taxes on your home

  • Had large uninsured casualty or theft losses

  • Made large contributions to qualified charities


Your tax advisor can help you determine what’s best for you.

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