turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

garylb99
Returning Member

When I add 11.23 bank interest from my 1099-int my refund goes from$1031 to $1019. Wy is my refund being reduced by twelve dollors when adding $11.23

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

When I add 11.23 bank interest from my 1099-int my refund goes from$1031 to $1019. Wy is my refund being reduced by twelve dollors when adding $11.23

The tax tables work in $50 ranges (when the total of all taxable income is over $3000)

Any change within that $50 range doesn't change the taxes assessed....while a jump to the next range will increase yoru tax

so 

a) if your current taxable income is at the bottom of a $50 range, an added (say) $48 may do nothing...while

b) if you are near the next $50 break point, then an added $1 or $2 may push you into the next tax block...jumping your tax $12 (depends exactly where you are in the tables).

Essentially you actually saw $12 tax for a ~$50 change  (~24% since some of the $50 was already waiting in there)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies