I just completed my tax return and ended up owing a bunch of money> I could only deduct my mortgage and the standard deduction> Is there something I missed. My status is three married
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You can't deduct both the mortgage interest and Standard Deduction. It's either one or the other. You get the Standard Deduction or your Itemized Deductions (which includes mortgage INT) whichever is more.
The Standard Deduction for Married Joint is 24,400 plus 1,300 for each spouse 65 or older.
Just to clarify, I am using the standard deduction. I looked back at my 2018 return and the income, taxes and deductions are within $200 of my 2018 return. the program calculated my tax owed to be three times as high than 2018.
Yes ... but you did not mention the withholdings ... how much did they change ? Or credits ? Compare the returns side by side ... every section (since the lines will not line up due to the form changes).
Compare all the lines from 2018 & 2019. What line do you think is too much? The tax on line 12b or your tax due?
If you owe more this year or your refund is smaller,
One reason is the IRS changed the withholding tables so you got more in your checks during the year instead of a big refund. And there are other tax changes. And any dependents you have are a year older. If you made more income that can reduce some credits you got like the EIC.
The tax due is to high, With a little more investigation I discovered that only my withholding is in the return. but I can't add her withholding.
You have to enter it from her W2 or 1099. Did you enter her W2? Either fix it or delete it and re enter it.
To check your W2 just type w2 (small W) in the search box at the top of your return and click on Jump To the W2
Federal on left
Wages & Income you should see your W2 listed at the top
Or scroll down to Wages and Salaries- Click the Start or Revisit button
You should get a box listing all your W2s.
Then click Edit by your W2 to double check it or change it
Thank you for your help. I went in and entered the withholding from he 1099-R and things look better.
FYI - If you edit or review a 1099R it does not keep your answers from before but resets them to the defaults. Then you have to go through and answer them all again. So be sure to go all the way to the end of the 1099R section. They are right unless you go back.
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