Solved
I had a mileage deduction of $9692 and it only brought my federal balance due down by around $3000. Why did it only go down that little?
No text available
A deduction such as mileage is not a dollar for dollar increase in your refund or reduction of tax due.
It is a reduction of taxable income.
For instance, if you are in the 30% tax bracket, a 9700 deduction may bring your balance due down around $3,000-give or take.
In addition, as your taxable income lowers, certain credits, such as the child tax credit could be reduced or eliminated which could reduce your tax result.
The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your information including all income and expense/deductions.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
