1. Discuss the difference between itemized and standard deduction.

A. When should a taxpayer elect to itemize deductions when filing a tax return?

B. What is the standard deduction for year 2021 for a single status taxpayer?

2. For year 2021, Julian, a single individual, paid $10,000 in state and local income taxes, mortgage interest of $4,700, charitable contribution of $300.

A. How much is Julian's itemized deduction for the year.

B. Should Julian claim the standard deduction or itemized deduction?

C. Explain your answer in B.