VictoriaD75
Expert Alumni

Deductions & credits

It is possible that by increasing your deductions, you are decreasing income and no longer receiving credits such as the Earned Income Credit. You may want to preview your 1040 to see what amounts are changing after adding the deduction. You may want to consider whether or not to take the deduction.

 

From the menu on the left, click on Tax Tools. Choose Tools. Click on View Tax Summary. Again from the left, click on Preview my 1040. Scroll through the document to see what changes. Pay attention to the deduction amount on line 9 or credits on line 18.

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