Visitor I

itemizing in 2018

with the new $24,000 personal exemption for couples does that mean itemizing for charities and interest etc. will only be of value if they exceed $24,000?

1 Comment
AJ
Member III

itemizing in 2018

Yes.  I think you understand the process. The number of itemized returns is expected to be significantly reduced. Many taxpayers will find it difficult to get a benefit from itemizing charitable and interest deductions.  The itemization option is made more difficult by the $10,000 cap on state and local taxes.  In addition, some other deductions, which used to go on Schedule A, are no longer available.  Finally, additional standard deduction values are added for people who are blind or who will be age 65 or over.  For example, if the taxpayer and spouse are both age 65, then their standard deduction goes to $26,600.