Itemized deductions are expenses that you can deduct from your taxable income for a given year. There are several types, including itemized deductions for unreimbursed medical expenses and mortgage interest payments. Each type of deduction has its own set of qualification rules and other variables set by the IRS.
However, if you’re itemizing specific deductions, you can’t claim the standard deduction. This is a flat dollar amount that you can deduct from your taxable income. And thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has nearly doubled.
