Question

If you are filing your tax return as an individual, you will need to itemize your taxes if (1 point) Responses the sum of your deductible contributions is less than $300. the sum of your deductible contributions is less than $300. the sum of your deductible contributions exceeds $300. the sum of your deductible contributions exceeds $300. you don’t have any deductible contributions. you don’t have any deductible contributions. you donated to a religious institution. you donated to a religious institution.

Answer 1

To determine if you need to itemize your deductions on your tax return, you generally consider whether the total of your itemizable deductions exceeds the standard deduction for your filing status. The standard deduction for individuals is typically higher than $300, so you would only consider itemizing if your total deductible contributions (along with other itemizable deductions) exceed the standard deduction amount.

Based on the provided responses, the correct answer would be:

• the sum of your deductible contributions exceeds $300.

This is because if your deductions (including contributions) exceed the standard deduction, you would typically want to itemize.