Standard deduction vs Itemized Deductions. When to use Itemized vs Standard Deductions 1040, 1040SR

Share this & earn $10
Katie St Ores CFP, ChFC, EA
Published at : 14 Dec 2020
1927 views
38
1

Deductions - Standard deduction vs Itemized Deductions. When to use Itemized deductions vs Standard Deductions in 2020
This new 'How To' video covers Deductions, Standard deductions vs Itemized deductions.

Helpful IRS Form links for deductions and Form 1040 and 1040-SR:

Schedule A - Itemized deductions
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
(Form 1040 or 1040-SR Itemized deductions)

Form 1040 U.S. Tax Return
https://www.irs.gov/pub/irs-pdf/f1040.pdf

Form 1040SR US Tax Return for Seniors
https://www.irs.gov/pub/irs-pdf/f1040s.pdf

Standard vs Itemized Deduction video log...
0:55 Standard Deduction amounts for 2019
1:45 Who can't use Standard Deduction
2:30 Form 1040, Where to find Deduction Amounts
2:50 What does it mean to Itemize
3:10 When to Itemize vs take Standard deduction
3:26 Most common expenses to itemize
3:40 Mortgage interest deduction
4:35 Medical expense itemized deduction
5:20 Medical deduction example
6:22 Medical deduction - Chair lift
7:19 Items no longer deductions
7:53 Schedule A - Itemized deductions

Single Standard Deduction $12,200
Married filing separately Standard deduction $12,200
Married filing Jointly Standard deduction $24,400
Qualifying widow(er) Standard deduction $24,400
Head of Household Standard deduction $18,350

Unsure of the new filing status when filing form 1040?
W4 Tax Form 2020 has 3 variations in 2020.
W4 Tax Form 2020 Single
W4 Tax Form 2020 Head of Household
W4 Tax Form 2020 Married Filing Jointly
Katie St Ores has done a 'How To file a W4' video for each W-4 Form:
How to fill out a W4 Form 2020
How to fill out W4 single 2020 W-4
How to fill out a w4 Married Filing Jointly W-4 2020
How to fill out a W-4 Head of Household W4 2020
For W4 married filing separately, please watch How to fill out W4 single.
(W4 for Single is the same as W-4 for married filing separately)

Katie St Ores has also done other Standard Deductions related videos:
Items needed to prepare your taxes
How to replace missing W2
How to pay your taxes to the IRS

When to use Itemized deductions or use Standard deductions can be confusing. We hope these videos on Schedule A (itemized Deductions) and Standard Deductions are helpful in completing the IRS Form 1040 and 1040SR in 2020. One more Form Schedule A (Itemized Deductions) video are to be completed soon. These will be in the new How to File Tax form Playlist.

Good luck and Thanks again for watching Standard vs Itemized Deductions.

Please understand that these videos are for EDUCATIONAL purposes only and are very general.. All people and their financial situations are different. So it is important to consult your tax or financial professional.
_________________________________________________

Katie St Ores CFP®, ChFC®, EA, LTC

• 97 Hours of Continuing Education each year to maintain Professional designations
• CFP® - Certified Financial Planner
• ChFC® - Chartered Financial Consultant
• EA - Enrolled Agent - Empowered by the U.S. Dept of the Treasury
• Licensed Tax Consultant –Licensed by the State of Oregon
• Registered Investment Adviser- Oregon Div. of Financial Regulation
• Tax Accountant - Markusen & Schwing CPA's
Katie St Ores discusses the W4,W4 tax form 2020,W4 tax form 2020 married filing jointly,W4 tax form 2020 single,W4 tax form 2020 head of household,how to fill out W4 tax form 2020,how to file a w4 W4 tax form 2020,how to file a w-4 tax form 2020,W4 tax form 2020 new job,W4 tax form 2020 married,W4 tax form 2020 head,w4 single,w4 married,W-4 married,mcminnville katie st ores,tax preparation 97128 katie st ores,How to fill out a w4,W4 tax form 2020 step by step,W4 tax form 2020 dependents.

Katie St Ores CFP
Independent Medicare Agent
McMinnville, Oregon 97128
Katie St Ores CFP®, ChFC®, EA, LTC
St Ores Wealth Management llc
www.SaintOres.com

2020 Women’s Initiative (WIN) CFP® Board
2020 Financial Women to Watch on Youtube
Yamhill Washington Polk Marion Baker Benton Clackamas Clatsop Columbia Coos Crook Curry Deschutes Douglas Gilliam Grant Harney Hood River Jackson Jefferson Josephine Klamath Lake Lane Lincoln Linn Malheur Marion Morrow Multnomah Polk Sherman Tillamook Umatilla Union Wallowa Wasco Washington Wheeler Yamhill 97101 97111 97114 97115 97127 97128 97132 97148 97378 97396
standard deductionsItemized deductionsdeductions standard

25 LOVELY DIY PHONE CASE IDEAS

25 LOVELY DIY PHONE CASE IDEAS

You Are Creative

You Are Creative

Magnitude and Direction of a Vector, Example 1

Magnitude and Direction of a Vector, Example 1

Gamma Ray - Skeletons & Majesties - 17 Insurrection (Live)

Gamma Ray - Skeletons & Majesties - 17 Insurrection (Live)

Imagine Dragons - Natural (Lyrics)

Imagine Dragons - Natural (Lyrics)

When a Minecraft Gamer plays ROBLOX | Minecraft vs Roblox

When a Minecraft Gamer plays ROBLOX | Minecraft vs Roblox

NSA Doval's Kabul Trip; No Boots On The Ground, Increased Training Likely: Academic Avinash Paliwal

NSA Doval's Kabul Trip; No Boots On The Ground, Increased Training Likely: Academic Avinash Paliwal

THE BUDDY vs. LANKYBOX! (Can We KICK THE BUDDY?! HILARIOUS IPAD APP GAME)

THE BUDDY vs. LANKYBOX! (Can We KICK THE BUDDY?! HILARIOUS IPAD APP GAME)

When bringing a girl back to your place takes a weird turn. #weirdturn #comedyskits  l REACTION

When bringing a girl back to your place takes a weird turn. #weirdturn #comedyskits l REACTION

CAR DEALERSHIP DESTINATION FEES, Delivery, Prep Fees, Pre-Inspection charge? AUTO EXPERT 2020

CAR DEALERSHIP DESTINATION FEES, Delivery, Prep Fees, Pre-Inspection charge? AUTO EXPERT 2020

How to wash your face properly to avoid acne- by Dr. Liv

How to wash your face properly to avoid acne- by Dr. Liv

when W33 Party Rank with NIGMA Smurf — Totally Unstoppable

when W33 Party Rank with NIGMA Smurf — Totally Unstoppable

Snooker 10 Fastest Ways To Improve

Snooker 10 Fastest Ways To Improve

How to attain Taqwa? - Sheikh Assim Al Hakeem

How to attain Taqwa? - Sheikh Assim Al Hakeem

Just Shapes & beats | Try This rank S

Just Shapes & beats | Try This rank S

FCA - Seven areas of improvement for firms: Smarter Consumer Communications

FCA - Seven areas of improvement for firms: Smarter Consumer Communications

FIFA 21 I HAD TO WIN 7 OUT OF 7 FUT CHAMPIONS GAMES TO FINISH ELITE 1! PLEASE WATCH TILL THE END!

FIFA 21 I HAD TO WIN 7 OUT OF 7 FUT CHAMPIONS GAMES TO FINISH ELITE 1! PLEASE WATCH TILL THE END!

DONALD TRUMP LET IT GO FROZEN PARODY

DONALD TRUMP LET IT GO FROZEN PARODY

Chances

Chances

Larry Bird - Beyond the Glory (Basketball Documentary)

Larry Bird - Beyond the Glory (Basketball Documentary)

Corruption must also be rewarded.

Corruption must also be rewarded.

Probably Not Taz | The Kip & Sammy Show #2

Probably Not Taz | The Kip & Sammy Show #2

Colin Cowherd plays the 3-Word Game after NFL Week 13 | NFL | THE HERD

Colin Cowherd plays the 3-Word Game after NFL Week 13 | NFL | THE HERD

Fulfillment Matters More | Chasing Excellence

Fulfillment Matters More | Chasing Excellence

Weltwoche Daily, 19.01.2021

Weltwoche Daily, 19.01.2021

Robbie Doherty & Keees. - Pour The Milk

Robbie Doherty & Keees. - Pour The Milk

Catherine Murphy introduces a bill to permit the C&AG investigate #Siteserv and other transactions

Catherine Murphy introduces a bill to permit the C&AG investigate #Siteserv and other transactions

WHY YOU SHOULD NOT RUN SMOLOV

WHY YOU SHOULD NOT RUN SMOLOV

【新車試駕】Mercedes-AMG A 45 S 4MATIC+ 421匹地表最強量產鋼砲 德哥試駕 -TCar

【新車試駕】Mercedes-AMG A 45 S 4MATIC+ 421匹地表最強量產鋼砲 德哥試駕 -TCar

What to Do When a Loved One Has Anosognosia: Lack of Awareness

What to Do When a Loved One Has Anosognosia: Lack of Awareness

IYAWO MEJI | Is it good and advisable to have a wife or two? | Latest from Sheikh Buhari Omo Musa

IYAWO MEJI | Is it good and advisable to have a wife or two? | Latest from Sheikh Buhari Omo Musa

Purchase Order Definition - What is Purchase Order?

Purchase Order Definition - What is Purchase Order?

Magician Reacts to ACTUAL Wizardry!!

Magician Reacts to ACTUAL Wizardry!!

Karavanda Miskin Bir Gün - 2021 Planları, Özbek, Urla - Trail of Us Van Life

Karavanda Miskin Bir Gün - 2021 Planları, Özbek, Urla - Trail of Us Van Life

Dhee 13 | Kings vs Queens | 13th January 2021 | Latest Promo | ETV Telugu

Dhee 13 | Kings vs Queens | 13th January 2021 | Latest Promo | ETV Telugu

What Can You Do RIGHT NOW To Save The Earth?

What Can You Do RIGHT NOW To Save The Earth?

Heap sort in 4 minutes

Heap sort in 4 minutes

Building a Garden Picket Gate

Building a Garden Picket Gate

Dr. Jordan Peterson Helps a Couple on the Brink of Divorce

Dr. Jordan Peterson Helps a Couple on the Brink of Divorce

Fnaf kids Play •Among Us• GCMV[READ DESC FOR INFO]

Fnaf kids Play •Among Us• GCMV[READ DESC FOR INFO]

FUNNY VIDEO COMPILATION WITH FOOD - SECRET LIFE OF THINGS

FUNNY VIDEO COMPILATION WITH FOOD - SECRET LIFE OF THINGS

28 HACKS TO FIX ANYTHING QUICKLY

28 HACKS TO FIX ANYTHING QUICKLY

FIFA 21 | NEW CONFIRMED TRANSFERS & RUMOURS JANUARY 2021😱🔥| w/ DYBALA, BRUNO & MESSI MANCHESTER UTD

FIFA 21 | NEW CONFIRMED TRANSFERS & RUMOURS JANUARY 2021😱🔥| w/ DYBALA, BRUNO & MESSI MANCHESTER UTD

Is your country at risk of becoming a dictatorship? Here's how to know | Farida Nabourema

Is your country at risk of becoming a dictatorship? Here's how to know | Farida Nabourema

Goat explores grocery store!

Goat explores grocery store!

HITMAN Soundtrack - Mission Accomplished (Custom Mix)

HITMAN Soundtrack - Mission Accomplished (Custom Mix)

Why banks may be on the verge of collapse...and we could go into a deep recession: Former FDIC Chair

Why banks may be on the verge of collapse...and we could go into a deep recession: Former FDIC Chair

Top 5 Genius Ideas Of 2019 - Cardboard

Top 5 Genius Ideas Of 2019 - Cardboard

Dua Lipa and Jimmy Sing Love Actually’s "Christmas Is All Around"

Dua Lipa and Jimmy Sing Love Actually’s "Christmas Is All Around"