Thanks to you both. It will be interesting to see what happens for me then. My wife and I are both over 65, so we’ve gotten the 2 personal deductions for each of us. And we do itemize. I now wonder if we will get the “standard deduction of $24,000” if we itemize or if, having lost personal exemptions and possibly not getting the $24,000 deduction, will end up paying more taxes? I’m retiring at the end of this year.
If your itemized deductions are greater than $24k - you can still itemize.
If your itemized deductions are less than $24k - you can take the $24k standard deduction and won’t have all the fuss of documenting your deductions with receipts and forms.