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My results showed I owed no taxes nor do I receive a refund I don't think that's correct

 
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1 Best answer

Accepted Solutions
ClarkeB
New Member

My results showed I owed no taxes nor do I receive a refund I don't think that's correct

Without examining your return, it's impossible to say exactly what caused your refund to increase. However, there's a high probability that at least one reason is listed below.

If your refund is wildly off, it's possible you simply mistyped a dollar amount somewhere. An extra digit here, a missing number there, even something as seemingly insignificant as a misplaced decimal point can have an eye-popping effect on your TurboTax refund.

Changes in your income or tax rate

  • You (or your spouse) took on an additional job (especially non-wage income which is taxed at the higher self-employment tax rate);
  • Your salary or wages increased but your W-4 stayed the same;
  • You sold investments but didn't take out any taxes from the sale;
  • Your filing status changed from last year;
  • You started receiving Social Security benefits or Roth IRA distributions;
  • You received taxable unemployment income;
  • You had gambling winnings;
  • You're paying a penalty for not having health insurance coverage in 2016.

Loss of credits or deductions

  • Your child turned 17 in 2016, causing you to lose the $1,000 Child Tax Credit;
  • Your child turned 19 in 2016 (or 24, if a full-time student) and no longer qualifies as a dependent;
  • You paid off your mortgage and can no longer deduct mortgage interest;
  • You took the itemized deduction last year (for example because of high medical bills) but got the standard deduction this year;
  • You didn't qualify for the Earned Income Credit this year;
  • You paid off your student loan and can no longer deduct the interest;
  • You're no longer eligible for certain education credits (or you took a different credit this year)
  • You didn't contribute to a Traditional IRA (or couldn't take the full deduction because your income was too high).

View solution in original post

1 Reply
ClarkeB
New Member

My results showed I owed no taxes nor do I receive a refund I don't think that's correct

Without examining your return, it's impossible to say exactly what caused your refund to increase. However, there's a high probability that at least one reason is listed below.

If your refund is wildly off, it's possible you simply mistyped a dollar amount somewhere. An extra digit here, a missing number there, even something as seemingly insignificant as a misplaced decimal point can have an eye-popping effect on your TurboTax refund.

Changes in your income or tax rate

  • You (or your spouse) took on an additional job (especially non-wage income which is taxed at the higher self-employment tax rate);
  • Your salary or wages increased but your W-4 stayed the same;
  • You sold investments but didn't take out any taxes from the sale;
  • Your filing status changed from last year;
  • You started receiving Social Security benefits or Roth IRA distributions;
  • You received taxable unemployment income;
  • You had gambling winnings;
  • You're paying a penalty for not having health insurance coverage in 2016.

Loss of credits or deductions

  • Your child turned 17 in 2016, causing you to lose the $1,000 Child Tax Credit;
  • Your child turned 19 in 2016 (or 24, if a full-time student) and no longer qualifies as a dependent;
  • You paid off your mortgage and can no longer deduct mortgage interest;
  • You took the itemized deduction last year (for example because of high medical bills) but got the standard deduction this year;
  • You didn't qualify for the Earned Income Credit this year;
  • You paid off your student loan and can no longer deduct the interest;
  • You're no longer eligible for certain education credits (or you took a different credit this year)
  • You didn't contribute to a Traditional IRA (or couldn't take the full deduction because your income was too high).

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