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I HAVE BEEN FIEING SINCE 2009 WITH TURBO TAX AND RECIEVING 1.00 REFUND EVEN THOUGH I HAD FEDERAL TAXES TAKEN OUT

 
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I HAVE BEEN FIEING SINCE 2009 WITH TURBO TAX AND RECIEVING 1.00 REFUND EVEN THOUGH I HAD FEDERAL TAXES TAKEN OUT

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**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I HAVE BEEN FIEING SINCE 2009 WITH TURBO TAX AND RECIEVING 1.00 REFUND EVEN THOUGH I HAD FEDERAL TAXES TAKEN OUT

Compare your 2022 and 2023 returns side by side to see what is different.

 

There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

 

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

 

 

https://ttlc.intuit.com/community/refunds/help/why-did-my-refund-go-down-compared-to-last-year-s/00/...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I HAVE BEEN FIEING SINCE 2009 WITH TURBO TAX AND RECIEVING 1.00 REFUND EVEN THOUGH I HAD FEDERAL TAXES TAKEN OUT

Your refund is the difference between what you owe (calculated on your tax return based on income, deductions, credits and dependents), and what you paid (either from withholding or by making estimated payments).   If you are not getting a refund this year, it is because what you paid balances what you owed.  To get a refund, you would have to pay more into the system (such as by changing your W-4 to have more tax taken out of each paycheck.)  That means less money to spend each week, but a larger refund at the end of the year.  Kind of like a forced savings account that pays zero interest.  

 

To see why you are getting less of a refund this year, you would need to print both 2022 and 2023 returns and compare them side by side.  For some reason, you owe more tax, or have fewer credits and deductions, or paid less withholding.  

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