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

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

mkhalla
New Member

I made 33k paid 2000$ in tax this year vs 18k and 1000$ in tax last year. My refund is 46$ this year vs 420$ last year. How can this be?

Wondering how it adds up that I paid twice as much tax this year vs last year, and am yet entitled to 10% the refund amount I received last year.
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 Best answer

Accepted Solutions

I made 33k paid 2000$ in tax this year vs 18k and 1000$ in tax last year. My refund is 46$ this year vs 420$ last year. How can this be?

The standard deduction wiped out a lot of the 18k of income last year. (single: roughly 13k deducted so tax was ~ 10% of 5000, or ~$500 assessed) so a fair refund

 

The extra $$, from 18k-33k this year was all taxed, and new 2023 Std Ded is roughly 14k.  so 33k-14k = 19k taxable income . The first 11k is taxed at 10%, next 8k is taxed at 12%.....so you pay more. i.e.1,100 + 960 = $2,060 assessed.

 

But that's VERY Rough since your numbers are not exact.

 

More income = more paid in taxes.

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

View solution in original post

1 Reply

I made 33k paid 2000$ in tax this year vs 18k and 1000$ in tax last year. My refund is 46$ this year vs 420$ last year. How can this be?

The standard deduction wiped out a lot of the 18k of income last year. (single: roughly 13k deducted so tax was ~ 10% of 5000, or ~$500 assessed) so a fair refund

 

The extra $$, from 18k-33k this year was all taxed, and new 2023 Std Ded is roughly 14k.  so 33k-14k = 19k taxable income . The first 11k is taxed at 10%, next 8k is taxed at 12%.....so you pay more. i.e.1,100 + 960 = $2,060 assessed.

 

But that's VERY Rough since your numbers are not exact.

 

More income = more paid in taxes.

____________*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