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:Last year was the first year that we took the standard deduction because it was higher than the itemized. Kids are 11 and 9, so nothing different. When I compare last year to this year, I see about a #10000 difference in Other taxes (higher this year). When I click Other taxes, It goes to Payments with Extension. I have no idea what this is or why it is coming up. We never applied for an extension. When I click the first question, Did you make a payment with your 2019 or 2018 extension of time to file your claim? When I answer NO, nothing changes, I have no idea what this is, how it got here or how to make it go away.
Other taxes is Schedule 2 which includes Self-employment taxes, additional tax on IRAs etc., Household employment taxes, repayment of first time homebuyers credit and the additional Medicare tax (if your combined income is > $250,000)
Everything is good on Personal Income. Actually, we made $50K more than last year so evertything matches up at this point.
The next section is Deductions and credits
Mortgage interest and property tax are close to last year as are the few other items. The $10,000 additional amount is under Estimates and other Taxes Paid, I think this could be state taxes Either way, since it is higher, I think that would be money that was withheld this past year.The standard deduction is the same as last year.
Maybe it is the $59K additional income. How much more should we have withheld? My job has been the same for 12 years and I always got back $5K or so. Nothing changed for me. I may do the whole return over from scratch. It doesnt seem right but when I review it, it looks right. I never had such a difficult time before.
Did you itemize both years? Or take standard deduction both years? That extra 20000 might hav caused you to switch methods. Lots of people are seeing higher taxes despite the temporary “tax break”. But don’t worry in six years it disappears for individuals/families anyway.
Most got a fairly large tax break unless SALT limitations impacted them. The main difference is that the withholding levels were reduced so some think they didn't get a tax break because refund is less. Maybe a lot less was withheld.
Everything is good on Personal Income. Actually, we made $50K more than last year so evertything matches up at this point.
The next section is Deductions and credits
Mortgage interest and property tax are close to last year as are the few other items. The $10,000 additional amount is under Estimates and other Taxes Paid, I think this could be state taxes Either way, since it is higher, I think that would be money that was withheld this past year.The standard deduction is the same as last year.
Maybe it is the $59K additional income. How much more should we have withheld? My job has been the same for 12 years and I always got back $5K or so. Nothing changed for me. I may do the whole return over from scratch. It doesnt seem right but when I review it, it looks right. I never had such a difficult time before.
without more information to see if maybe there is an error in what's in TT, the only answer to this question is $59k times your marginal tax rate.
Ok, so there is a button on the top left of TT that says 'forms'. Click on it and there is one down the page called 5 year history. Click on that. It will give you some good data to analyze what is going on.
Everything is good on Personal Income. Actually, we made $50K more than last year so evertything matches up at this point.
The next section is Deductions and credits
Mortgage interest and property tax are close to last year as are the few other items. The $10,000 additional amount is under Estimates and other Taxes Paid, I think this could be state taxes Either way, since it is higher, I think that would be money that was withheld this past year.The standard deduction is the same as last year.
Maybe it is the $59K additional income. How much more should we have withheld? My job has been the same for 12 years and I always got back $5K or so. Nothing changed for me. I may do the whole return over from scratch. It doesnt seem right but when I review it, it looks right. I never had such a difficult time before.
Since the new tax law that reduced most people's taxes went into place in 2018, that shouldn't be the problem.
Everything is good on Personal Income. Actually, we made $50K more than last year so evertything matches up at this point.
The next section is Deductions and credits
Mortgage interest and property tax are close to last year as are the few other items. The $10,000 additional amount is under Estimates and other Taxes Paid, I think this could be state taxes Either way, since it is higher, I think that would be money that was withheld this past year.The standard deduction is the same as last year.
Maybe it is the $59K additional income. How much more should we have withheld? My job has been the same for 12 years and I always got back $5K or so. Nothing changed for me. I may do the whole return over from scratch. It doesnt seem right but when I review it, it looks right. I never had such a difficult time before.
Do it over from scratch, this will tell you if you entered something wrong the first time. Be careful with the questions. $50K will bring you up to another tax bracket but if you had taxes taken out it shouldn't be that much of a difference. Make sure you enter taxes taken out of that $50K. Make sure you answer all the questions correctly.
I will do it again. My accountant told me (when I was using him) that 75K was a new tax bracket. We were already over that last year. I don't think we are in a different tax bracket than last year. Is there a hard number of what the bracket amounts are? And yes, the new tax laws began last year so we took the hit already since we live in wonderful NY and our property taxes are higher than the new limit. So, not much has changed from last year to this year, yet there is a $7K differnce this year. Hopefully, the new return will show the error.
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