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juliemalt22
New Member

I made at least $2,000 less this year than last year. Do I get a tax break?

 
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KatrinaB
Intuit Alumni

I made at least $2,000 less this year than last year. Do I get a tax break?

It depends. Generally when you make less you will have less taxable income. However, this may only mean a $200.00 increase in your federal tax refund if your in the 10% bracket. However, it can also impact the credits on your tax return especially if you have children. For example, the earned income credit can go up or down with an increase in income.

If you would like to estimate your refund, you can do so with the tax caster tool. This tool can be found at the link below.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

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1 Reply
KatrinaB
Intuit Alumni

I made at least $2,000 less this year than last year. Do I get a tax break?

It depends. Generally when you make less you will have less taxable income. However, this may only mean a $200.00 increase in your federal tax refund if your in the 10% bracket. However, it can also impact the credits on your tax return especially if you have children. For example, the earned income credit can go up or down with an increase in income.

If you would like to estimate your refund, you can do so with the tax caster tool. This tool can be found at the link below.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

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