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- [Instructor] Person A here made $100,000 in the year that we care about, and hes getting ready to pay his taxes, and hes got some deductions. He made a $2,000 donation to charity and a $5,000 donation to state taxes, or not a donation, (chuckles) he paid $5,000 in state taxes. So his total deductions right over here, and we would call these his itemized deductions, cause he has literally put all of the items that hes deducting, so his itemized, itemized deductions are going to be $7,000. Now, before he just decides to subtract that $7,000 from his income to get his new taxable income, he should compare that against the standard deduction. No matter what you do here, the IRS will give you just a freebie deduction. And if youre a single person, and this is, obviously, depending on what year youre filing in, but at the time of this video, the standard deduction, the standard deduction is $6,100 for a single person. So in this persons situation, his itemized deductions were large
