What types of deductions can a taxpayer typically claim using TurboTax?

A taxpayer can typically claim both standard and itemized deductions using TurboTax, which allows for flexibility in choosing the deduction method that benefits them the most financially.

The standard deduction is a fixed amount set by the IRS that reduces a taxpayer's taxable income, providing a straightforward option for those who may not have significant deductible expenses. On the other hand, itemized deductions allow taxpayers to list specific expenses, such as mortgage interest, medical expenses, and charitable contributions, potentially leading to a larger deduction than the standard.

TurboTax is designed to help users determine which option will yield the greater tax benefit by guiding them through the process and helping them input their expenses. This dual option means that all taxpayers, regardless of their financial situation, can maximize their tax savings. By providing both avenues for deductions, TurboTax empowers taxpayers to make informed decisions about their tax filings.