You'll need to sign in or create an account to connect with an expert.
Income is only one small part of your refund. Major differences can stem from whether you both claim yourselves or if one of you is someone else's dependent. One of you may itemize deductions and one may take the standard deduction. You may each have filled your W-4 out differently to have different amounts withheld during the year. All these things go into how much tax you owe when you file. It can also make a big difference if one of you had more than one job during the year.
At year-end, all your income is combined and then, based on a lot of different factors, the tax you owe on that income is calculated. The amount of tax you had withheld during the year is then subtracted from what you would owe, to determine your refund.
It's not necessarily a bad thing to get a small refund. All it really means is that you had more money to spend during the year instead of making an interest-free loan to the government all year and then having to wait to get your own money back.
Income is only one small part of your refund. Major differences can stem from whether you both claim yourselves or if one of you is someone else's dependent. One of you may itemize deductions and one may take the standard deduction. You may each have filled your W-4 out differently to have different amounts withheld during the year. All these things go into how much tax you owe when you file. It can also make a big difference if one of you had more than one job during the year.
At year-end, all your income is combined and then, based on a lot of different factors, the tax you owe on that income is calculated. The amount of tax you had withheld during the year is then subtracted from what you would owe, to determine your refund.
It's not necessarily a bad thing to get a small refund. All it really means is that you had more money to spend during the year instead of making an interest-free loan to the government all year and then having to wait to get your own money back.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Rudan72
New Member
jaymon
New Member
50ff8677741d
New Member
graceweav
New Member
graceweav
New Member