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Get your taxes done using TurboTax
Please clarify your question so we can better provide you with an answer.
It appears that you have entered your Form(s) W-2 for your wages and federal income tax withheld, and you are not getting back all of your federal withholding of income taxes, is that correct?
In general, your federal withholding tax is the income tax your employer withheld from your paycheck. If too much money is withheld you'll receive a tax refund. If too little is withheld, you will owe money to the IRS when you file your tax return.
In addition, all or part of your refund may be offset to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans.
The IRS will also make adjustments to your filed tax return and send you a reduced refund. Most commonly this occurs with incorrect advance Child Tax Credit which can potentially cause significant reductions in your expected refund.
There are many reasons why your refund will differ from year to year, including:
- Starting an additional job (especially self-employment).
- Getting a significant raise, but your W-4 staying the same.
- Adjusting your withholding to maximize your take-home pay.
- Selling stock, crypto, or other investments.
- A change in filing status.
- Receiving unemployment benefits, but not having taxes withheld.
- Taking an early withdrawal from your retirement account.
- Having a child turn 17 in 2023, now receiving the Credit for Other Dependents instead of the Child Tax Credit.
- Started receiving Social Security benefits or Roth IRA distributions.
- Paying off your mortgage, so you can no longer deduct mortgage interest.
- Paying off your student loan, so you can no longer deduct the interest.
- Finishing school, so no longer eligible for certain education credits.
- Earning little or no income and not qualifying for the Earned Income Credit.
Click here for "Why is My Refund Less?"
Click here for commonly asked refund questions.
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