IRS has released a draft of the instructions for the 2018 Schedule A. It summarizes the changes to itemized deductions under the new tax law. Note that the combination of higher standard deductions and the paring back of itemized write-offs will lead to far fewer filers itemizing in 2018 than in prior years. The standard deductions are $24,000 for married couples filing a joint return, $12,000 for single filers and $18,000 for heads of household. People age 65 or older and filers who are blind get an additional $1,300 per person…$1,600 if unmarried. Taxpayers will file Schedule A only if total itemizations exceed the standard deduction. Go to to see a copy of the draft instructions.

Good News for Itemizers on the Threshold

by | Nov 1, 2018 | Charitable Donations, Deduction claims, Deductions, IRS, TallyTaxMan, Tax Cuts, Year End Tax Planning | 0 comments