Final answer:
Derek should itemize his deductions since the amount, $26,250, is higher than the standard deduction for a qualifying widow(er) in 2019, which was $24,400. Therefore, the statement that Derek should not claim the standard deduction is true.
Step-by-step explanation:
The question posed centers around whether Derek, a 46-year-old surviving spouse, should claim the standard deduction or itemize his deductions for the tax year 2019. The itemized deductions amount mentioned is $26,250.
For the tax year 2019, the standard deduction for a qualifying widow(er) with a dependent child was $24,400. Comparing this figure to Derek's itemized deductions of $26,250, it is clear that his itemized deductions are higher than the standard deduction available to him. Therefore, it would be financially beneficial for Derek to choose to itemize his deductions rather than take the standard deduction.
True or False: Derek should not claim the standard deduction if he has itemized deductions of $26,250 for 2019? The answer to this question is A. True. By itemizing, Derek can reduce his taxable income by a larger amount, thereby potentially lowering his tax liability compared to what it would be if he took the standard deduction.