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TurboTax- what is personal exemption?
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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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TurboTax- what is personal exemption?
I figured it out! You can disregard this post
I am running last year's taxes (2016) through turbo tax to see if the result is the same as when the accountant did it. Turbo tax has personal exemption listed in the deductions and then it states (everyone gets this). I don't see this listed when the accountant did my taxes and it's a significant amount of money. Can someone explain what this personal exemption category is and is it something the accountant should have been including or something Turbo tax shouldn't be including? Thanks!
Message edited 3/28/2018 10:39:02 AM.
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Posted 3/28/18 10:21 AM  |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: TurboTax- what is personal exemption?
It automatically should come up. You'll see it as $4,050 in 2017 although it does phase out after a certain income level. You'll see it on line 42 of the tax return if it's a regular 1040.
ETA- It should automatically come up for the accountant - most software automatically calculates it for you when you calculate a tax return.
Message edited 3/28/2018 10:24:36 AM.
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| Posted 3/28/18 10:23 AM |
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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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Re: TurboTax- what is personal exemption?
Posted by Eunyboo
It automatically should come up. You'll see it as $4,050 in 2017 although it does phase out after a certain income level. You'll see it on line 42 of the tax return if it's a regular 1040.
ETA- It should automatically come up for the accountant - most software automatically calculates it for you when you calculate a tax return.
you are correct! Thank you for telling me exactly where to look. That made it so easy Now on to figure out why the refund amount calculated differently for the account vs Turbo tax
ETA: ugh I was looking in the wrong spot. The final amount is only $300 off. I thought it was $1000 off
Message edited 3/28/2018 10:38:21 AM.
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| Posted 3/28/18 10:34 AM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: TurboTax- what is personal exemption?
I can take a peek if you wanna send me the PDFs- FM me, if you'd like!
If not - compare it line by line! You should be able to easily trace it! :)
Biggest difference I see - One took a standard deduction while the other itemized on Schedule A.
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| Posted 3/28/18 10:38 AM |
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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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Re: TurboTax- what is personal exemption?
Posted by Eunyboo
I can take a peek if you wanna send me the PDFs- FM me, if you'd like!
If not - compare it line by line! You should be able to easily trace it! :)
Biggest difference I see - One took a standard deduction while the other itemized on Schedule A.
I figured it out. There was only a $300 difference (although I don't know why) when I originally thought there was a $1000 difference. Thank you for your help!
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| Posted 3/28/18 10:40 AM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: TurboTax- what is personal exemption?
No problem!!! :)
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| Posted 3/28/18 10:40 AM |
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