An itemized deduction does not result in any tax savings in a year in which an individual taxpayer takes the standard deduction.

Name: An itemized deduction does not result in any tax savings in a year in which an individual taxpayer takes the standard deduction.
Brand: Quizplus
Rating: 4.9 (48 reviews)

Question

Quizplus · Accepted Answer

If an individual taxpayer takes the standard deduction, they cannot also claim itemized deductions. Therefore, itemized deductions do not result in any tax savings in a year in which an individual taxpayer takes the standard deduction.

An Itemized Deduction Does Not Result in Any Tax Savings