Solved: Nothing changed after deductions were entered
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lgehrig4
Returning Member

Nothing changed after deductions were entered

After completing the 'wages and income' section I was on pace to owe approximately $3000 to Fed and $1000 to state. After completing the 'deductions', of which the standard deduction was used, nothing changed. Not one penny for either Fed or state budged. How is that possible that my deductions count for nothing?

 

Couple points that may help to answer question

1. I've been using TT for at least 7yrs now so my prior year info is in the system

2. This year we received a stock payout from my wife's company. Some counted as income and some cap gains. These were factored into the 'wages and income' section

 

So again, under what circumstance would deductions not move the needle at all? I don't see how that is possible. I'm essentially not being allowed to write off anything.......or there is a big in the system??

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Nothing changed after deductions were entered

Turbo Tax starts out by giving you the Standard Deduction.  So unless your Itemized Deductions are more it wouldn't change from the beginning.

View solution in original post

2 Replies
VolvoGirl
Level 15

Nothing changed after deductions were entered

Turbo Tax starts out by giving you the Standard Deduction.  So unless your Itemized Deductions are more it wouldn't change from the beginning.

View solution in original post

lgehrig4
Returning Member

Nothing changed after deductions were entered

thank you! couldn't have said it any clearer

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