I'm not sure if I need to itemize my deductions. the only thing i have other than my W2 is the mortgage interest of $500. I will pay less taxes if i take a standard deduction. should i just take a standard deduction and not pay any attention to itemizing it? please advise.
You can enter all your itemized deductions anyway. TurboTax will automatically apply the greater deduction for you. If you know that your itemized deductions will not come close to the standard deduction for your filing status, then you can skip the entries and complete your return.
I was asking this question since I'm preparing it myself with turbo tax software. I'll have to buy the software before i start filing if it was to be itemized. I think if I don't NEED to itemize then I can file for free online?
You are correct in that you would need Deluxe or above to itemize your deductions. So yes, if you know your itemize deductions are going to total less than your standard deduction, then skip it and file for free if you qualify. See the standard deduction amounts below.