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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:
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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.
the revolution starts now
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
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