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Hello...can anyone explain why there would be almost a $22k difference in the 'federal deductions and exemptions' from 2016-2017 (nothing else has changed)?
I have inventory from a home business, but I took a break in February of last year, only selling $65 for the entire year. I was also out of work for a total of 4 months on FMLA. All of my other numbers appear to be fine.
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June 6, 2019
7:57 AM
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Get your taxes done using TurboTax
Without the ability to look at your returns and tax information, I cannot really say why this year's tax return is different from prior tax returns. However, I can provide some guidance on how to compare prior years:
- Print copies of both returns
- Compare the following lines:
- Line 37 Adjusted Gross Income - This will provide a comparison of income for the two years.
- Line 40 Itemized Deductions - If the figures are widely different, there may be possible deductions that you are missing on this years return.
- Line 44 and 45 Tax and Alternative Minimum Tax - If there is AMT on one year versus the other, you will want to see if you can figure out why.
- Lines 48-54 Credits - If there is a credit missing from last year, make sure the credit is not being missed inadvertently.
- Line 57-62 Other Taxes - This is usually blank unless you are self-employed, have a early retirement withdrawal, or you owe healthcare taxes.
- Lines 64-73 Payments and Refundable Tax Credits - Make sure there are no significant differences, if there are try to figure out why.
June 6, 2019
7:57 AM