You should itemize deductions when total itemized deductions exceed the standard deduction.

Question

Quizplus · Accepted Answer

This statement is true. The standard deduction is a predetermined amount set by the IRS that is subtracted from your taxable income if you choose not to itemize deductions. However, if your total itemized deductions (such as mortgage interest, charitable contributions, and state and local taxes) exceed the standard deduction, it makes sense to itemize deductions instead as this would lower your taxable income even further.

You Should Itemize Deductions When Total Itemized Deductions Exceed the Standard