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April 15, 2021
Question

My adjusted gross income shows $5000 more than 2019 and I have not received an increase like that in my earnings. How can that happen?

  • April 15, 2021
  • 2 replies
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2 replies

April 15, 2021

The best this to do is to review your information from your 2020 income tax return to your return from 2019.  This will help you determine exactly why your income increased or specifically where the increase occurred.

 

In TurboTax, you can view your tax summary for your 2020 tax return by doing the following:

  1. Go into the black panel on the left and select Tax Tools
  2. Then select Tools beneath Tax Tools. 
  3. A "Tools Center" box will pop up, select "View Tax Summary" 
  4. You will see a screen that gives a snapshot of your taxes based upon your input so far. 
  5. Click on the black panel on the left bar and select Preview my 1040
  6. This will allow you to review your overall line items on your federal tax return.  Compare these amounts to your actual tax return for 2019 to help you determine why there is such a large difference from year to year.

 After you review the above items, simply select "Back" in the black panel to get back to the interview forms. 

 

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April 15, 2021

on the w-2 is there $5,000 in box 10.  if so, that was money that was supposed to be spent on dependent care. if not it's taxable income. if spent on dependent care  you need to complete form 2441