Here are some things that could have led to a smaller refund or you owing a tax bill.
Have you input all of your tax documents? Many tax documents are not required to be issued until January 31.
In addition, here are some of the more common issues that will affect your refund from one year to the next.
- Change of jobs affect tax withholding computations causing you to withhold at a lower rate than last year.
- Income increase or decrease affects a tax credit or deduction.
- Income increase might compute your tax from a higher tax bracket.
- A change in number of dependents.
- The age or income of a dependent affects a tax credit or deduction.
- Losing or not qualifying for a tax credit.
- Self-employment income generates a self-employment tax as well as income taxes.
You may also want to review this.
Is 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 Preview My 1040 to see the actual tax return that you prepared.
- Down the left side of the screen, click Back to return.
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