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Ismenylee21

Level 1

Question

Forum|Forum|6 years ago
January 16, 2020
2 replies
2 views

Why is my federal refund so small

DoninGA

Level 15

Look at your tax return, Form 1040. Your tax liability is on Line 16. Your tax payments are on Line 19. The difference is on Line 20 for a tax refund.

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

De6

Level 2

Why is my federal refund is small

JamesG1

Level 15

If you are concerned because your refund is lower than what you expected, here are some reasons.

Tax withholding was less than the previous year after a change of jobs or a change of payroll companies at the same job.
Income increase computes your tax from a higher tax bracket.
Income increase or decrease affects a tax credit or deduction.
A change in number of dependents.
The age or income of a dependent affects a tax credit or deduction.
Not qualifying for a tax credit.
Self-employment income generates a self-employment tax as well as income taxes.