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nickyp803
New Member

When I was filing my taxes in early January it was showing approximately a 6-700 dollar state refund and an overpayment of 600. Now when I'm wanting to submit its 0??

 
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Accepted Solutions
JamesG1
Expert Alumni

When I was filing my taxes in early January it was showing approximately a 6-700 dollar state refund and an overpayment of 600. Now when I'm wanting to submit its 0??

Tax refunds tend to look bigger as you start your tax return. 

 

The first W-2 is ‘shielded’ by your tax return standard deduction.  Subsequent W-2’s are entered after your standard deduction has been ‘used up’ and the ‘refund meter’ tends to reflect the income and withholding of each W-2 that you enter.

 

Here are some things that could have led to a smaller refund or you owing a tax bill. 

  • 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.
  • Change in state tax law that affects your tax refund / balance owed. 

Have you input all of your tax documents?  Many tax documents are not required to be issued until January 31.

 

You may want to review this.

 

Has everything been entered correctly?  You can view the tax return to see what has been entered. 

  • Down the left side of the screen, click on Tax Tools.
  • Click on Tools.
  • Under Other helpful links, click on View Tax Summary.
  • Down the left side of the screen, click on State Tax Summary to see the actual tax return that you prepared.
  • Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
  • Down the left side of the screen, click Back to return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
JamesG1
Expert Alumni

When I was filing my taxes in early January it was showing approximately a 6-700 dollar state refund and an overpayment of 600. Now when I'm wanting to submit its 0??

Tax refunds tend to look bigger as you start your tax return. 

 

The first W-2 is ‘shielded’ by your tax return standard deduction.  Subsequent W-2’s are entered after your standard deduction has been ‘used up’ and the ‘refund meter’ tends to reflect the income and withholding of each W-2 that you enter.

 

Here are some things that could have led to a smaller refund or you owing a tax bill. 

  • 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.
  • Change in state tax law that affects your tax refund / balance owed. 

Have you input all of your tax documents?  Many tax documents are not required to be issued until January 31.

 

You may want to review this.

 

Has everything been entered correctly?  You can view the tax return to see what has been entered. 

  • Down the left side of the screen, click on Tax Tools.
  • Click on Tools.
  • Under Other helpful links, click on View Tax Summary.
  • Down the left side of the screen, click on State Tax Summary to see the actual tax return that you prepared.
  • Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
  • Down the left side of the screen, click Back to return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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