Standard deduction is used by most taxpayers. Itemized deductions are less common and actually turned out inferior in my experience.

— inflation adjustment for tax year 2022 (filing done in 2023)

• for married couples filing jointly, the standard deduction will increase to $25,900, which is $800 more .
• For single taxpayers and married individuals filing separately, the standard deduction will increase to $12,950 — up $400.
• The deduction for heads of household will rise to $19,400, a $600 increase.

— MOETF implication (keywords: Rbh, dividend withholding)

All Singaporeans receiving dividends on U.S. stocks pay 30% withholding tax. However, I am a U.S. tax payer … no withholding tax on dividends or capital gain. Instead, these incomes are assessed during tax filing. It is typically below $1k, well below the std deduction, so I end up paying no tax on these investment /gains/.

This is another advantage of my Rbh account over other platforms. It is something to keep to myself not even for my family members, definitely not something to share with friends.