Since the standard deduction for your 2020 Tax Return increased, (from $12,200 to $12,400 for single and Married Filing Separately filers, $24,400 to $24,800 for married filing jointly and widow filers, and $18,300 to $18,650 for Heads of Household), it will not be beneficial for most taxpayers to itemize on their returns and the changes to the State and Local Tax (SALT) deduction won’t affect them. Itemized deductions are the total deductions that are listed on your Schedule A, and it is not a fixed amount. Your standard deduction is a fixed amount that you can deduct that is based on your filing status. The SALT deduction can only be claimed if you itemize on your tax return - that is, when your itemized deductions are greater than your standard deduction and you file or e-File a Schedule A.
