Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid.This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.However, it requires you to complete and file a Schedule A with your tax return and to maintain records of all your expenses. The benefit of itemizing is that it allows you to claim a larger deduction that the standard deduction. When searching for ways to reduce your taxable income, itemizing your deductions can really maximize your tax savings. If you’re subject to the Alternative Minimum Tax (AMT), some or all of the itemized deductions you claim may be reduced or eliminated.If it’s not, then you'll likely pay more in taxes if you itemize. Add up your itemized deductions to make sure your itemized deductions total is greater than the Standard Deduction amount for your filing status.To claim itemized deductions, you must file your income taxes using Form 1040 and list your itemized deductions on Schedule A.If you pay mortgage interest, state and local income or sales taxes, property taxes, or have medical and dental expenses that exceed 7.5% of your adjusted gross income, your itemized deductions may exceed your Standard Deduction.
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