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Why do my itemized deductions show $0?
The attached file shows my confusion. Why all of the "$0"s and MUCH lower total deductions for me in 2018 vs 2017? Seems like my deductions far exceed the new $24,000 standard deduction? Am I not adding up deductions correctly? Bottom line is TurboTax is telling me I owe over $4,200 in Federal Tax.
We did earn $25k more this year (total of $145k taxable), but we also paid over $12k in federal taxes? So why do we still owe so much?
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‎June 3, 2019
10:40 AM