Setting in For a Long Winter's Nap

[21forme]

Do you take the (new, elevated) standard deduction or itemize?

[Midwest Player]

Do you take the (new, elevated) standard deduction or itemize?

Last year was the first time in many years that I didn't itemize. However, I went through all the work to figure out how much my itemized deductions would be. The new tax law didn't help me much because even though I had a larger standard deduction I lost the personal exemptions. Last year alone our health insurance premiums (medicare, medicare supplement, prescription drug, and long term care insurance) were over $14,000. The kicker is you can only deduct health expenses that exceed 7.5% of adjusted gross income.