You are trying to decide whether to use the $12,550 standard deduction or your itemized deductions (Schedule A) for your Form 1040 income tax form. Here is your information: 22% $80,000 $12,000 Your Marginal Tax Bracket Adjusted Gross Income (line 11 Medical Expenses Interest on Student Loan $2,000 Interest on Home Mortgage $3,000 Interest on Credit Cards State and Local Income Taxes Paid $2,500 Charitable Gifts (in total) $1,000 $5,000 What is the benefit of choosing the itemized deduction instead of the standard deduction? A. You can reduce your income taxes by $50 by using itemized deductions instead of standard deduction B. You can reduce your taxable income by an additional $50 by using the itemized deductions instead of the standard deduction. C. You can reduce your income taxes by $5,610 by using the itemized deductions instead of the standard deduction D. You should use the standard deduction because it is larger than your itemized deductions