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mizar1
New Member

Why did my taxes increase from last year

Income did not change much, only dividends changed but interest income went down
1 Best answer

Accepted Solutions
WillK
Level 9

Why did my taxes increase from last year

It is hard to say why there is such a huge difference between last year and this years return, sorry. The best thing to do is to print out and compare 2015 to 2016 and see where the differences are, change in income, deductions and credits? 

Generally people notice a difference between years because there are several factors that go in to determining the taxes an individual owes. 

Your income could have increased which might have:

  • Put you in a higher tax bracket, 
  • It could have reduced or eliminated some deductions or credits
  • The tax laws changing year to year will determine the amount of taxes that need to be paid as well. 

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before. 

Click here for more information:https://ttlc.intuit.com/replies/3301788

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
WillK
Level 9

Why did my taxes increase from last year

It is hard to say why there is such a huge difference between last year and this years return, sorry. The best thing to do is to print out and compare 2015 to 2016 and see where the differences are, change in income, deductions and credits? 

Generally people notice a difference between years because there are several factors that go in to determining the taxes an individual owes. 

Your income could have increased which might have:

  • Put you in a higher tax bracket, 
  • It could have reduced or eliminated some deductions or credits
  • The tax laws changing year to year will determine the amount of taxes that need to be paid as well. 

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before. 

Click here for more information:https://ttlc.intuit.com/replies/3301788

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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