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Should I itemize or take the standard tax deduction? A calculator to help decide

The Tax Cuts and Jobs Act changes the calculation on whether to itemize

7073彩票注册The calculator has been fixed to correctly account for medical expense deductions.

The new tax law has changed the calculus on whether to itemize.

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7073彩票注册The Tax Cuts and Jobs Act pretty much doubled the standardized deduction, which means for millions of people, itemizing no longer makes sense.

As this is the first tax season since the TCJA passage, MarketWatch has created a calculator to help guide you through the decision on whether to itemize or not.

While analysts say there are other factors at play, the increase in the standard deduction coincides with a big drop in mortgage originations, as the mortgage interest deduction becomes less of an incentive to purchase.

Related: Tax season kicks off with 8% smaller refunds

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