Just curious as to why my tax returns were almost a third of last years when they've been pretty consistent the last 4 or 5. I went from >1000 to < 300 dollars.

Forum|Forum|7 years ago
June 3, 2019
2 replies
30 views

Just using standard deductions and a minimal increase in wages.

TurboTax Premier Online

Best answer by Hal_Al

I suggest you lay last year's return next to this year's and do a line by line comparison to see what's changed. Otherwise you haven't provided enough info for anyone to answer your question. In the on-line version of TurboTax, the main Form 1040, 1040A or 1040EZ can be seen through Tools, View Tax Summary, Preview My 1040 or go to Print Center and then choose to Preview.

It depends on many variables: the biggest are

1) how big your AGI is
2) filing status
3) how many dependents you have.
4) what deductions and credits to you qualify for
5) withholdings

In particular, the Earned income credit is on steep bell curve. On the up slope less income means less EIC. On the down slope more income means less EIC. See http://www.taxpolicycenter.org/briefing-book/key-elements/family/eitc.cfm

Hal_Al

Answer

Level 15

It depends on many variables: the biggest are

1) how big your AGI is
2) filing status
3) how many dependents you have.
4) what deductions and credits to you qualify for
5) withholdings