You'll need to sign in or create an account to connect with an expert.
The reason you were advised that the Standard Deduction is better than itemizing this year is probably because of the increase in the Standard Deduction. It went from $6,350 for single and married filing joint taxpayers to $12,000 ($12,200 for 2019). Form Married filing joint, it went from $12,700 to $24,000 ($24,400 for 2019). As for why you owe this year when you usually get a refund, it's impossible to say. There were lots of changes to the tax code that went in to effect, and know way of knowing all the details of your tax returns here in Answer Xchange.
[Edited 03-26-2020]
The reason you were advised that the Standard Deduction is better than itemizing this year is probably because of the increase in the Standard Deduction. It went from $6,350 for single and married filing joint taxpayers to $12,000 ($12,200 for 2019). Form Married filing joint, it went from $12,700 to $24,000 ($24,400 for 2019). As for why you owe this year when you usually get a refund, it's impossible to say. There were lots of changes to the tax code that went in to effect, and know way of knowing all the details of your tax returns here in Answer Xchange.
[Edited 03-26-2020]
New tax laws/regulations at the end of 2017.
The changes resulted in reduced tax brackets and lower withholding amounts --that 's the good news.
The lower withholding amounts resulted in less money being held by the government for your potential tax bill. Unfortunately this resulted in you being UNDER withheld for 2018, hence your amount due --that's the bad news.
To prevent this from happening you should have updated your W-4 information with your employer (better check it now so you don't have this same problem next year).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
carlaanderson2552
New Member
dfstrip
New Member
embeans19
New Member
obolwako
New Member
bill-c-mccartney
New Member