The amount a family can take in deductions is the larger of

Question

Quizplus · Accepted Answer

The larger of the two deductions for a family is either their standard deduction, which is a set dollar amount based on their filing status, or their itemized deductions, which are specific expenses they can deduct (such as home mortgage interest, charitable donations, and state and local taxes). Their exemptions can only be used to reduce their taxable income, not as a deduction. Therefore, the larger of their standard deduction and itemized deductions is the correct answer.

The Amount a Family Can Take in Deductions Is the Larger