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Return amount questions
Why is it that when I entered my w-2 it shows that I am able to get back almost $5,000. Then after I enter my husbands w-2 information we go down to a refund of about $700? Are we able to hold his w-2 until next year and receive the full $5000?
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posted
May 31, 2019
7:33 PM
last updated
May 31, 2019
7:33 PM
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Return amount questions
That's common. It just looks that way because you put them in as separate W2s and saw the tax due change in between them. If it all was on one W2 you would get the same answer. And each job was withholding like it was your only job. ?
Because you only get one standard deduction and personal exemption (or 2 for Joint), no matter how many W2s you put in. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn't enter more deductions. And each job only withheld taxes like it was your only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit. And it was probably giving you the EIC credit until you went over.
See, https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-2
Because you only get one standard deduction and personal exemption (or 2 for Joint), no matter how many W2s you put in. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn't enter more deductions. And each job only withheld taxes like it was your only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit. And it was probably giving you the EIC credit until you went over.
See, https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-2
May 31, 2019
7:33 PM
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Return amount questions
That's common. It just looks that way because you put them in as separate W2s and saw the tax due change in between them. If it all was on one W2 you would get the same answer. And each job was withholding like it was your only job. ?
Because you only get one standard deduction and personal exemption (or 2 for Joint), no matter how many W2s you put in. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn't enter more deductions. And each job only withheld taxes like it was your only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit. And it was probably giving you the EIC credit until you went over.
See, https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-2
Because you only get one standard deduction and personal exemption (or 2 for Joint), no matter how many W2s you put in. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn't enter more deductions. And each job only withheld taxes like it was your only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit. And it was probably giving you the EIC credit until you went over.
See, https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-2
May 31, 2019
7:33 PM
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Return amount questions
Not unusual. There are many reasons that could result in such a situation; and since this is a public forum you do not want to post your personal information. The primary reason is very simply that you likely HAVE NOT completed entering ALL of your information --the guesstimate is only as good as the information you enter accurately and correctly.
The ideal situation is to have EXACTLY the correct amount withheld ($0 owed and $0 refund). Unfortunately that is a very difficult amount to predict, and is somewhat of a moving target due to salary increased/decreases and tax law changes.
May 31, 2019
7:33 PM
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Return amount questions
By the way, the IRS will get both W-2s this year and expects you to report both this year --or they will invite you in to explain why.
May 31, 2019
7:33 PM
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