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Are my taxes low because of the stimulus.

I made around 32 grand and was deducted 12 grand and some how I’m not getting 200$
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2 Replies
JohnB5677
Employee Tax Expert

Are my taxes low because of the stimulus.

We can not see your tax return, but these are some areas to check.

 

Your tax refund is based on several things.

  1. Total Income
    1. You are taxed on total income, not on each individual income source.
    2. The combined income will be taxed higher than any individual source.
    3. Be sure to confirm that you have accounted for every income source.
  2. Withholdings
    1. Each income source may have their own withholding,
    2. If you didn’t tell your employer that you had other income, you may not have had sufficient withholdings.
    3. Be sure that all withholding amounts have been properly accounted for.
  3. Deductions
    1. Deductions represent the amount that can be subtracted from your income before the tax calculation is completed.
    2. There are two ways to get the deductions.
      1. The standard deduction for single filers is $12,950. 
      2. Itemized deductions are an accumulation of various authorized deductions.
      3. If you choose to post the Itemized deductions, TurboTax will determine the alternative that is to your best advantage.
  4. Credits 
    1. Credits represent an actual amount that reduces your Tax or increases your Refund.
    2. There are a variety of credits that will significantly impact your taxes.
    3. Tax laws change regularly, and the criteria for Credits can change drastically.
    4. If you received a credit in a previous year that you didn’t get in the current year, it will have a significant impact.

If you have your previous year's tax return you should compare it to the current tax return and evaluate any changes.

If you have the Desktop version of TurboTax, you can see your current tax return (1040) under the FORMS mode.

If you’re Online, you can see your 1040 by going to:

  1. Tax Tools (on the sidebar)
  2. Tools
  3. From the dropdown View Tax Summary

On the sidebar Preview my 1040


 

 

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Are my taxes low because of the stimulus.

Are you referring to your standard deduction when you mention the "$12,000?"    If you are single then your standard deduction is $12,950.  That is an amount of your income you do NOT pay tax on.   If you made $32,000 then you are taxed on about $19,000 of your income---not the whole $32K.

 

None of this has anything to do with getting a stimulus check last year.  There is nothing on a 2022 tax return regarding stimulus checks.

 

Using round numbers, your tax liability is about $2060.  Look at box 2 of your W-2.  That shows how much tax was withheld.   Your refund or tax due is the difference between the amount that was withheld and the amount of the tax liability.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/income-taxes/federal-tax-rates-2021/L5Iz...

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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