answers 0:Alright, so this would be my 2nd time filing for taxes. I am wondering if I should file my taxes using Standard or Itemized?Last year I had some dental and medical work done and it ended up being $3,882 out of pocket expenses, that's with Dental/Medical insurance. My gross income was $23,177 and I was taxed for $4,954 of it.Would I get more back using Standard or Itemized? I know there may be some more questions that would be helpful, however with what I stated I am wondering which one should I try going for, as I don't want to give out too much information.I'm a young man still trying to understand how taxes work as this is my 2nd time filing. Is it even possible to do both Standard and Itemized or just one?Helpful answers are appreciated!...Show moreanswers 1:General rule: If you don't have mortgage interest, take standard deduc! tion.answers 2:If you itemize, you can deduct about $2000 for your medical expenses. You'll have to get to $12k total for all your itemized deductions in order for itemizing to be better than the standard deduction.With the Personal Exemption now rolled into the Standard Deduction so that you lose both if you itemize, hardly anybody will benefit from itemizing....answers 3:Complete a return BOTH ways, and file the one that shows the lowest tax liability.answers 4:Itemizing is better if you have more than $12,000 in itemized deductions. It doesn't seem like you're anywhere near that, so you should take the standard deduction.answers 5:Forget last year (2017). The tax law changed a lot of things.You do not have enough deductible items. You take the standard deduction of $12,000. You only take the itemized deduction if your total exceeds $12,000 and you're not even close. Medical deductions may only be taken for the amount that exceeds 7.5% of your adjusted gross income. F! or you, that's about $1,740. You subtract that number for med! ical EXPENSES you paid out of pocket, NOT insurance premiums. Insurance is not deductible.So your out of pocket would have to be more than $1,740 to have any medical deduction at all, and then you still have to go over $12,000 to use it.I'm guessing that you are including FICA tax in that $4,954. There is no way your federal and state combined would be anywhere close to that much. FICA is Social Security and Medicare taxes combined. You do not get that back, ever. That is your payment toward a future benefit. That alone accounts for $1,773 of the taxes withheld. There's too much you don't know or understand for you to file this year by yourself, unless you are willing to wait for any refund you might have coming (you might have something coming) and sit down and start READING the 1040 instructions and looking at the associated tax forms and schedules that go with it. It is time consuming but not really that difficult for the relatively simple return yours will be. If ! all you have is W-2 and maybe a couple of 1099s from your bank showing interest they paid you, it's not at all difficult....answers 6:You don't have enough to itemize. The standard is $12000. You cannot do both, only one.answers 7:Yes, standard deduction is for your. But since your financial situation appears to be fairly simple, I suggest you do your taxes both ways. This way, you will become more familiar with each version.answers 8:Your Standard Deduction is $12,000.Your total Itemized Deductions would have to exceed this amount before it helps you.If your income was a lot higher which would cause more state taxes to be withheld and you were paying on a mortgage then, you should like look at itemizing.However, now, just take the Standard Deduction....
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