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mrains22
New Member

I feel like my tax return is very low. I made $32,000 this year and I'm only getting $321 back. Am I doing something wrong?

 
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2 Replies

I feel like my tax return is very low. I made $32,000 this year and I'm only getting $321 back. Am I doing something wrong?

Your tax refund (if any) is not directly related to your income. It also depends upon your filing status, dependents, deductions, credits and taxes withheld. Some folks even owe at tax time.

I see you are using TT Home and Business. If you have self-employment income (1099-MISC or cash), then you owe self-employment tax (about 15%) as well as regular income tax on that income.

Hal_Al
Level 15

I feel like my tax return is very low. I made $32,000 this year and I'm only getting $321 back. Am I doing something wrong?

There are too many variables such as the type of income, your exemptions, filing status, credits, withholding etc., to answer your question. 

 I suggest you lay last year's return next to this year's and do a line by line comparison to see what's changed. Other wise you haven't provided enough info for anyone to answer your question. In the on-line version of TurboTax, the  main Form 1040, 1040A or 1040EZ can be seen through Tools, View Tax Summary, Preview My 1040 or  go to Print Center and then choose to Preview.

It depends on many variables: the biggest are

1) how big your AGI is
2) filing status
3) how many dependents you have.
4) what deductions and credits to you qualify for
5) withholdings

 See this TT FAQ: https://ttlc.intuit.com/questions/1901008-why-did-my-refund-go-down-from-last-year 

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