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Posted by parrisbraeside@yahoo.ca on March 11, 2007, 12:23 pm
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> I am afraid that my question may be too basic for this
> forum. Bear with me for a moment as I have decided this year
> to take on my tax return myself so I am on a learning curve.
> I think my tax situation is fairly straightforward (no real
> estate, just a few investment but nothing major). I used
> Turbotax and arrived at a point where I am wondering wether
> I should let it go and go back to by tax consultant.
>
> I filed federal and 2 states (NY, CT) last year and got a
> sizeable federal refund and owed quite a bit to New York. I
> live in NYC and work in CT. I am filing joint married.
> Last year my W2 listed 3 excemptions/allowances, this year
> there are 5.
>
> Turbotax calculated for me that I owe this year for federal
> tax. While my income is appr 15% higher then last year I
> wondering how this is possible that my refund situation from
> last year turned into oweing money this year. I do
> undertand that there are a number of factors that may
> influence this. I do think though that overall everything
> remained stable and I am more looking for the reasons that
> may have changed my tax situation this year.
Let's see... did your 15% increase exceed the extra two
exemptions? Why not compare the two years to spot the
differences?
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