topic Significantly reduced federal tax return in Get your taxes done using TurboTax

Significantly reduced federal tax return

hjwagonerjr — Wed, 17 Mar 2021 02:36:05 GMT

Have the tax laws changed for filing taxes jointly? I'm trying to understand why our refund is nearly 75% less this year than last year. When entering in a joint filing, the return looks good for either myself or my wife, but after I begin to enter the others info in the return plummets.

Re: Significantly reduced federal tax return

npierson7 — Wed, 17 Mar 2021 02:51:40 GMT

It could happen for variety of reasons - changing in income, withholdings, or some credits you received in pervious years you don't receive in current year. It is always good idea to double check your entries before to file, you might simply made a mistake there.

Re: Significantly reduced federal tax return

fanfare — Wed, 17 Mar 2021 03:27:18 GMT

if your income and circumstances have not changed,

you made an entry error somewhere, or
you need a new tax software provider.

Turbotax has so many problems this year, it is astonishing.

PM me and I'll name one I just found.

Re: Significantly reduced federal tax return

Mike9241 — Wed, 17 Mar 2021 06:37:12 GMT

of course entering the other's income will decrease your refund until you enter any withholding or estimated tax payments they have, if any. as income goes up taxes go up and thus the refund goes down. you could even end up owing. however if they have withholding or estimated tax payments your taxes stay the same but since the amount paid goes up your refund goes up or the amount owed goes down. you are allowed to file as married filing separate but you may lose certain credits and both must use either the standard deduction or itemized deductions.