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Get your taxes done using TurboTax
Your refund would have decreased if you did not pay enough taxes on your unemployment during the year. The IRS considers unemployment income as taxable income, as do most states. Once you entered your other income into TurboTax, you were in a higher tax bracket. After all your income was inputted, your tax bracket was higher than the 10% withheld on your unemployment, which increased your total tax. Increasing your total tax would then decrease your overpayment of tax (refund).
TurboTax has a great tool that can help you withhold the correct amount of tax on your income sources. Please see Tax Bracket Calculator for a better estimate on what should be withheld.
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‎January 31, 2021
10:18 AM