Solved: Calculations are wrong
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New Member

Calculations are wrong

 
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Accepted Solutions
Level 15

Calculations are wrong

You may be getting ahead of yourself--employers, banks, brokers, Social Security, etc, have until the end of January/early February to provide the documents you need to prepare your tax return.  And some forms are not yet finalized, which could be affecting the calculations on your return.  No one on Answer Xchange can see your return.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit. Or do you have a healthcare penalty?  The best way to find the difference is to print and compare 2016 and 2017 side by side

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

**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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8 Replies
Level 15

Calculations are wrong

Please elaborate
Level 15

Calculations are wrong

That is a statement.  Please describe the problem
Level 15

Calculations are wrong

What calculations?  What year?  Did you get a letter from the IRS?
New Member

Calculations are wrong

I entered my gross yearly income I got more this year then last year and for my refund I'm getting almost the same outcome
Level 15

Calculations are wrong

Have you already received any W2's, 1099's, etc.?
Level 7

Calculations are wrong

Actually, if all else is the same as last year, and you have only W-2 income, one would expect your refund to be approximately the same in many cases.  There is no reason to expect your refund to increase as your income rises.
Level 15

Calculations are wrong

You may be getting ahead of yourself--employers, banks, brokers, Social Security, etc, have until the end of January/early February to provide the documents you need to prepare your tax return.  And some forms are not yet finalized, which could be affecting the calculations on your return.  No one on Answer Xchange can see your return.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit. Or do you have a healthcare penalty?  The best way to find the difference is to print and compare 2016 and 2017 side by side

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

**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.**

View solution in original post

Level 15

Calculations are wrong

Higher Income  = Higher Taxes

You cannot go by just your gross income; it also depends on your filing status, deductions, credits, taxes withheld, etc. Your refund (if any) is not proportional to your gross income.

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