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Can someone explain why my return is over $500 less this year than last year, and my income only increased by $2898?
I do not believe that I am in a higher tax bracket this year. I am single, with one dependent and filing HOH.
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June 4, 2019
3:19 PM
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Get your taxes done using TurboTax
Without being able to view your return, it's impossible to say exactly what caused your refund to decrease. However, there's a high probability that at least one reason is listed below.
If your refund is wildly off, it's possible you simply mistyped a dollar amount somewhere. An extra digit here, a missing number there, even something as seemingly insignificant as a misplaced decimal point can have an eye-popping effect on your TurboTax refund.
Changes in your income or tax rate
- You (or your spouse) took on an additional job (especially non-wage income which is taxed at the higher self-employment tax rate);
- Your salary or wages increased but your W-4 stayed the same;
- You sold investments but didn't take out any taxes from the sale;
- Your filing status changed from last year;
- You started receiving Social Security benefits or Roth IRA distributions;
- You received taxable unemployment income;
- You had gambling winnings;
- You're paying a penalty for not having health insurance coverage in 2017.
June 4, 2019
3:19 PM
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My income only increased by $2898. My W-4 did stay the same, but would a $2898 increase in salary really effect my return that much? Other than that slight change in salary, I have had zero changes from last year.
June 4, 2019
3:19 PM
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Get your taxes done using TurboTax
The $500 difference is !7% of your increase in income-doesn't seem like an unreasonable difference depending on your total income.
June 4, 2019
3:19 PM