Itemized Deduction Calculator
Itemized Deduction
Compare your itemized deductions to the standard deduction to find the best option
$
$
$
Formula
Comparison: Itemized (Mortgage + SALT + Charity) vs Standard Deduction
Frequently Asked Questions
Should I itemize or take the standard deduction?
Itemize if your total deductions exceed the standard deduction, otherwise the standard deduction gives you a larger tax benefit.
What is the SALT deduction cap?
The state and local tax deduction is capped at $10,000 ($5,000 if married filing separately) under current tax law.