significantly smaller return

akmj — Wed, 05 Feb 2020 16:43:56 GMT

Using TurboTax again, as I have for years. Is there something that changed in the tax code that would result in a significantly smaller return this year? We earned $1k more than 2018 (same tax bracket), paid more mortgage interest, paid more property tax, paid the same amount of federal tax, had 1 ADDITIONAL child and we OWE and additional $1k in federal taxes. Has anyone else experienced this? I think I'm going to have to go over the paper forms to figure this out.

Re: significantly smaller return

akmj — Wed, 05 Feb 2020 16:52:25 GMT

Our total income went up by $1000, but taxable income went down by $2500

Re: significantly smaller return

SusanY1 — Wed, 05 Feb 2020 17:08:10 GMT

I don't have enough information about your specific situation to be sure what may be different from last year to this year for you to know for sure but here are some common things that can cause a refund to change significantly:

A change in filing status.
A dependent who turns 17.
Earning significantly more income.
Earning significantly less income.
A dependent or taxpayer graduating college (loss of education credits.)
A change in job (that changes withholding).
Changes to Form W-4 (withholding).

It can frequently be helpful to compare the information about your tax years side by side.

If you used TurboTax to prepare your taxes last year, you can easily do this by viewing your tax summary. This can help you spot where the difference lies.

To do this:

Login toTurboTax.com.
Click on Tax Home on the left side of the screen.
If prompted, click on Continue where I left off or Take me to my return.
Click on Tax Tools.
Click on Tools.
In the box that pops up, click View Tax Summary under Other helpful links.
- Compare 2019 to 2018 to see where the differences lie. If you see the greatest difference in Total Payments, this may indicate that you need to adjust your withholding. (Particularly if total credits have not also decreased.)

You can also click on Preview my 1040, which now appears on the left to see the first few pages of your tax return.

topic significantly smaller return in Deductions & credits

significantly smaller return

Re: significantly smaller return

Re: significantly smaller return