Can anyone tell me why my return would be less when I chose standard deductions over itemized when we dont have any high medical bills, real estate, etc?
Can anyone tell me why my return would be less when I chose standard deductions over itemized when we dont have any high medical bills, real estate, etc?
Your tax return might be lower with the standard deduction because:
Higher Itemized Deductions Before: Previously, your itemized deductions (like mortgage interest, state and local taxes, and charitable donations) were higher than the standard deduction. This reduced your taxable income more significantly.
Standard Deduction Now: If you switch to the standard deduction and it's lower than your previous itemized deductions, your taxable income will be higher. This means you owe more in taxes, resulting in a lower return.