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New Member
posted Jun 4, 2019 5:15:04 PM

Why do I owe so much?

I made $32,500 in 2018, $1k more than 2017. I am almost finished with my return except for entering 4 months of interest deduction on a $30k home equity loan but I don't think that will change the amount I owe by much. Turbo tax is saying i'm going to owe roughly $5500. How can this be? It seems like a LOT. In past years I was able to deduct mileage and get a refund but it is my understanding that this is no longer allowed. I even entered an estimate of my mileage on Turbo Tax to see if it would change the amount I owed and it didn't so i guess it's true.

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1 Replies
Level 15
Jun 4, 2019 5:15:05 PM

Under the new tax law, there are no more Personal Exemptions ($4,050 per person), but rather a higher Standard deduction. 

But check your data entry, especially for commas and decimals.