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kevinfalconi73
February 1, 2025
Question

why is my taxable income 4x more than last year, but i only had 2x more gross income??

  • February 1, 2025
  • 1 reply
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    1 reply

    VolvoGirl
    VolvoGirl
    Employee
    February 1, 2025

    That could be because of the Standard Deduction.   Last year the Standard Deduction covered a lot of your income.  This year you have more income but the Standard Deduction didn't go up very much so it didn't cover the same percent of your income.  Compare each year line by line.   See the Standard Deduction subtraction on line 11.  

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