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. Thanks in advance
- posted
17 years ago