What might be happening is the addition of the $1,172 interest income not only increased your taxes but some of your tax credits may have decreased due to the increase in income.
To figure out how the $1,172 interest income affected your income tax return, do a comparison.
- Print out a copy of your tax return with the $1,172 interest income.
- Delete the interest income (Form 1099-INT) and print out a copy of your tax return.
- Do a line by line comparison to see which amounts were affected.
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