My itemized deductions are greater than the standard deduction.
But my taxes are zero even if I take the standard deduction.
Are there reasons why I should itemize, anyway?
For example, if the IRS sends a letter of correction later, can I switch to itemized deductions then, if it works in my favor?
I have the impression that the time for me to file an amended return is less the time the IRS has to send letters of correction, even when fraud is not a concern.
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Similarly, if I choose to itemize deductions now, my taxes are zero even if I omit some deductions.
And there is some advantage if I do. For example, I can eFile if I omit investment advisory fees [1].
Are there reasons why I should include all possible itemized deductions now, anyway?
For example, if the IRS sends a letter of correction later, can I add itemized deductions then, if it works in my favor?
----- [1] If I deduct investment advisory fees that cover both tax-exempt and taxable income, I "must attach a statement to your return showing how you divided the expenses", according to IRS Pub 550. But Form 8453 states: "If you are required to mail in any documentation not listed on Form 8453, you cannot file the tax return electronically".