Many changes this year...what can I expect?

amillsnicole — Wed, 26 Jan 2022 17:05:02 GMT

This year has been crazy for me.

The business I worked for was purchased by a new owner and things switched over to him roughly the end of November...so we all began getting paid through a new company and received a separate W2 aside from the old company W2.

I also purchased my first home in July.

I have only ever filed my own taxes using TurboTax and things have been fine.

This year, I went to file both my W2s and my return was significantly less than what it has been the other years I have been working (at many different jobs).

When I inputted the second W2 (from the new owner) It dropped my estimated return to just $1.00.

I am waiting on receiving other paperwork for the Mortgage that I have to complete the TurboTax filing myself...but I am just extremely confused as to why my estimate is apparently only $1.00.

I purchased a house this year and was looking forward to a normal return for me which is usually around $1,000.00.

Any explanation anyone can offer? I plan on filing this year with someone at an office because I don't want to screw anything up.

I did NOT receive any child tax payments- no children here.

Re: Many changes this year...what can I expect?

DianeW777 — Wed, 26 Jan 2022 17:17:05 GMT

It's possible but what you want to look at is your prior return and compare it line by line to the current return. You can use the "Preview My 1040" for this year and have last year's 1040 available to compare. It's usually the amount of withholding that changed.

Why did my refund go down compared to last year?

The new home can give you deductions for mortgage interest and real estate taxes. If your expenses are greater than the standard deduction you will see a different result on your tax return.

How to change from standard deduction to itemized

Please update if you have more questions.

topic Many changes this year...what can I expect? in Get your taxes done using TurboTax

Many changes this year...what can I expect?

Re: Many changes this year...what can I expect?