Standard Deduction or Itemizing

The standard deduction is the amount taxpayers can subtract from income if

they don’t break out deductions for mortgage interest, charitable contributions,

state and local taxes and other items separately on Schedule A. Listing these

deductions separately is called “itemizing.”

However, taxpayers taking the standard deduction don’t get a specific tax break

for having mortgage interest or state and local taxes.

For 2021, the standard deduction is $12,550 for single filers and $25,100 for married couples filing jointly. For 2022, it is $12,950 for singles and $25,900 for married couples.