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Deductions & credits
The program gives you the standard deduction to start with and that is automatically reflected in the Refund-O-Meter. If you enter enough expenses to itemize deductions then the Meter is adjusted for the increase in the deductions but you will only see a difference for the amount above the standard deduction. So if the itemized deduction total is only $500 more than the standard deduction you would not expect much difference to the bottom line ... $500 @ the 10% tax bracket will only yield a $50 change.
‎February 21, 2023
6:41 AM