Get your taxes done using TurboTax

There is no formula for determining the refund from your income.  It depends on many factors.

 

Your refund is the difference between: 1) how much total tax you owe for the year and 2) how much withholding you had during the year.

 

A higher income will affect both of these factors.  You can also (somewhat) control how much withholding is taken out by submitting a W-4 to your employer.

 

Good news: a lower refund is considered better: it means that there was less withholding during the year, which means that you had the use of that money during the year instead of having to wait for it.  One strategy is to reduce your withholding so that you will have no refund, and then put the extra money in the bank.  When everyone else is anxiously waiting for their refund and getting refund-anticipation loans, you just go to the bank and withdraw your money.