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jeanne-janes
New Member

Why are my federal deductions & exemptions more than last year?

 
2 Replies
xmasbaby0
Level 15

Why are my federal deductions & exemptions more than last year?

No one on Answer Xchange can see your return.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit. Or do you have a healthcare penalty?  The best way to find the difference is to print and compare 2015 and 2016 side by side

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VolvoGirl
Level 15

Why are my federal deductions & exemptions more than last year?

Each year there is an increase in the Standard Deduction and for each personal exemption.  But it is a small amount like only $50.
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