if that your refund? $1?
that just means the taxes taken out each paycheck "perfectly" estimated the taxes calculated on your tax return.
While it's possible you paid the taxes down that close, it's always good to double-check. You need to be sure you entered your income and withholding, tax payments, etc. correctly, and that there are no typo's, misplaced decimals or commas, etc.
Print out your return and go over each line carefully to be sure your entries are correct. Compare it to last year's return and see if you spot anything that looks different, and if so, investigate your entries for that topic. Also be sure you received any tax credits you were entitled to, such as the Earned Income Credit, if applicable.
what are you bitter about? you should be happy. What was withheld from each paycheck meets what you owe and the government wasn't using your money all year.
Alternatively, ask your employer to withhold more each week. That will cause a refund next year.
Anybody found out while there’s is doing that? Mine is doing that too
Smaller refunds aren't necessarily a bad thing: It may mean that you kept more of your own cash instead of overpaying the IRS.
If you can provide more details of your tax situation, I can check to see if you have missed any tax credits.
You can always reach out to TurboTax Experts to ask your questions before you file your returns.
Hey did you find out what was wrong? I’m having the same problem. I can’t get in contact with turbo tax please help
@Leauntay wrote:
Hey did you find out what was wrong? I’m having the same problem. I can’t get in contact with turbo tax please help
Look at your tax return and follow the math on the lines with amounts entered.
Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Hey did you find out why your return was $1 mine is doing that now
Mine is showing only 1.00 i always get a refund. Did you get an answer?
I have worked several years at same place..so has my daughter. We both do zero withholding on W4 at the sign up every year. That way max will be taken out the entire year. The page shows your refund is $3423.00. Before the page to submit it says 1.00. Thats a huge difference and does not make sense. So i am trying to find out if this is happening to anyone else who is already filing this year.
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My expected Federal refund was over $400 yesterday. Today it's $1. What changed? Clearing my cache/cookies did nothing. Seems like an Intuit problem.
Once you clear cache/cookies if nothing changes then revisit your Wages & Income section and make sure your income items and your federal withholding were all inputted correctly. A dollar amount mistyped can have a big impact on your refund.
The situations below are some of the most common reasons why you might be getting less money than you expected. For example, did you:
.
To maximize your refund next year, invest, and/or pay taxes you might owe, consider some of these options:
Below is a helpful guide regarding changes in refunds compared to the prior year.
@derprotax
Somethings fishy! I mean... I have never had a return For just $1 until this year. I've had the same job since 2013 basically. In 10 years of taxes.... honestly...
This year, several tax credits have been lowered to amounts before the coronavirus pandemic--or eliminated entirely. This includes the Child Tax Credit, the Child and Dependent Care Credit, and more. Check if these changes are why your refund is lower.
There are other events unrelated to the pandemic that may reduce your refund, including:
If your refund is wildly off, double-check the amounts you entered. A typo of just one dollar can have a big impact on your refund.
I am with you on this. I just deleted a form which changed my taxable income by over $10K and my refund did not budge from $1. I have used not only different browsers but different computers altogether and they all keep showing $1 refund regardless of changes I make to values within my return. I think this is an issue with TT.
I am not aware of any issue with TurboTax that would show you $1 refund, however, you can look at your 1040 to see if things are changing as you make changes.
To do this click the following:
When looking at your 1040 pay close attention to the following lines:
You can go back and forth when making changes to your return. It would be a good idea to write these numbers down as you change your entries.
One thing to note, depending on the type of income you deleted, if it was not taxable income, it would not make a change. But, if you re-enter it and look at the forms and see a change, then the forms are correct and its possible that it is just a refund button issue. The refund meter does not affect your return in any way, it is just for you to watch as you make changes. The forms are what are important.
Your refund in TurboTax is based on the information you entered from your W-2. First review your entry to make sure you capture your W-2 correctly.
Another reason could be your income tax withholding which is solely based on how you complete your Form W-4. This is the Employee's Withholding Certificate, from which your employer determines your rate of tax withholding. The amount that gets withheld is based on the information that you provide regarding income, credit, and deductions along with any additional tax you wish to withhold. The IRS recommends that you complete a new W-4 annually or whenever your life circumstances change, to prevent having tax deducted at an unrealistic rate. If you regularly owe taxes when you file your return, or if you have other income sources or deductions that may affect your tax rate, adding an additional withheld amount on your W-4 may put you in a refund position or keep you from owing too much.
The article below which will help you understand your Tax Refunds.
Why is the refund not what I expected