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Itemized Deductions

Taxpayers may itemize deductions or take the standard deduction. The standard deduction amounts for 2012 were as follows: $5,950 for single persons, $8,7000 for heads of household, $11,900 for married filing jointly or qualifying widower, and $5,950 for married filing separately. Taxpayers 65 and older or blind are entitled to an additional standard deduction of $1,150.

In itemizing deductions, the following are major items that may be deducted in 2012: state, local, and foreign income, and property taxes, charitable contributions, employee moving expenses, medical savings accounts, casualty losses, mortgage interest, and miscellaneous deductions.

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Adjusted Gross Income Federal Individual Income Tax Personal Exemptions

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