Although more taxpayers will claim the standard deduction as a result of the changes, and the standard deduction will help lower your taxes, you may find that you can still itemize your deductions to get a bigger tax refund if you take a little time to gather some of your receipts.

Do you get more money back if you itemize?

When you claim a standard deduction, it allows you to deduct a set amount of money from your taxes. So, as an example, if you’re a single filer with $10,000 worth of deductions, you would have saved almost $4,000 more on your 2017 tax return by itemizing than taking the standard deduction.

Why is my standard deduction higher?

Standard deductions ensure that all taxpayers have at least some income that is not subject to federal income tax. Standard deductions generally increase each year due to inflation. You have the option of claiming the standard deduction or itemizing your deductions. However, you can never claim both in the same year.

Does standard deduction reduce refund?

The standard deduction reduces the amount of income you have to pay taxes on. You can either take the standard deduction or itemize on your tax return — you can’t do both. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.

Can You itemize deductions to get a bigger tax refund?

Standard deductions will help lower your taxes, but if you take a little time and gather up some of your receipts for additional money spent, you may be able to itemize your deductions to get a bigger tax refund.

How much money can you save by itemizing your taxes?

The amount itemizing saves you will depend on your tax bracket. For instance, income taxed in the 24% tax bracket will see a 24 cent tax savings for every dollar itemized above the standard deduction. Itemizing deductions comes with some drawbacks, however.

How do I change from the standard deduction to itemized?

Now select Deductions & Credits near the top of your screen. Proceed through the screens, answering questions as necessary. Eventually you’ll come to the screen Based on what you just told us, the Standard Deduction is best for you or Based on what you just told us, itemizing deductions is best for you. On that screen, select Change my deduction.

Why did I not get a bigger tax refund?

Under the TCJA, you can no longer deduct interest paid on home equity loans, unless loan proceeds are used to substantially improve the property. 5 Tax reform raised the standard deduction limits. Depending on your expenses, itemizing may lose some of its luster if your itemized deductions no longer exceed the standard deduction.