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dustin00420 | Why did I get a smaller tax return this year, when I paid more taxes than last year? |
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Joe M
 |
The question is too general to really tell you and for the right answer you would probably need to provide more information than you might like.
Could be filing status if that changed. Could be you made more and moved to a new tax bracket. Maybe you had more deductions last year. Did you lower or stop money going to a non-taxable account, like 401K or other savings plan? Something had to change for your refund to be different. You may have even made a simple mistake if you do your own taxes. You can go to Turbotax (Intuit) online and I think Taxcut (H&R Block) and do your taxes and see what they would be without even paying to make sure you did your math and found all the deductions. I am sure on Turbotax and I think Taxcut too on the free until you file deal.
In any case I hope you figure it out. Good luck! Hopefully it wasn't a huge difference. |
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♥Spiders Squirting Sweetheart♥
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probably because you made more money |
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Cupid
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More information needed in order to answer your question. Income and withholding information would be a start. Best Wishes! |
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Doctor Deth
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you mean a "smaller refund"? the amount of taxes you pay is only one component of how big a refund you would get - it also depends on your w-4 withholding and if you're married - spouses income and withholding exemptions will also affect it - a "refund" isn't a birthright - it just means you had more federal income tax withheld than you needed to - ideally it should be zero and that would maximize you weekly take home pay |
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Penguin
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The law of diminishing returns. |
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Judy1
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Your refund depends on your total tax owed, which goes up if your income goes up, and also on what you had withheld. If you get EIC, any change in income could change that amount a lot too. |
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rudys_cutie
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do you make more this year than the last. thats what happened to us. |
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ALFimzadi
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Did you change your withholdings so that less was taken out of your pay throughout the year?
Did your credits and adjustments go down (ie-child can no longer be claimed, didn't make a large enough donation, didn't have as many unreimbursed employment expenses, etc?)
These are all just general reasons. Did you earn more than last year, which bumped you into the next higher tax bracket? Review last year's return to see what changed for you. |
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Count Your Blessings
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The possible reasons are almost limitless.
First, and most importantly, we have a progressive tax system in this country, meaning as you become financially successful and make more money, you pay more income taxes. That's why we have a tax rate schedule that climbs from a low of 10% all the way to 35% as your taxable income rises. You paid more taxes this year, more likely than not, because you made more money.
Two, you may also have lost deductions, lost credits, lost adjustments and/or lost qualifying dependents.
Impossible without more info to say which of these factors, alone, or in combination with others, affected you this year.
If you're not sure you did your taxes correctly, set them aside and try again in a few days. See whether you get the same result. Or ask someone you trust to take a look. Or ask us @ yahoo answers something more specific if you're not sure about an entry or position you took on your 1040.
Good luck! |
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AM-NM centaur
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You first need to understand the difference between the words "return" and "refund." |
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EJU
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The more money you make the higher the tax bracket you go in. The higher the tax bracket the less money you get back. |
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CAT
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More wages..higher tax bracket. |
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