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If the W2s have different EIN employer numbers then they are actually separate companies.
Yes that is common for your refund to go down. It just looks that way because you put them in as separate W2s and saw the tax due change in between them. If it was all on one W2 you would get the same result. And each job was withholding like it was your only job. You are taxed on your total income. The more total income you make you pay a higher percent for tax.
Because you only get one standard deduction no matter how many W2s you enter. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn’t enter more deductions. And each job only withheld taxes like it was our only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit.
What tax year is this for? Employers have not issued W-2's for tax year 2023 yet. Employers have until the end of January 2024 to issue W-2's for tax year 2023. What software are you using to enter your income? The current online software is only for 2023 returns; it cannot be used for any past years like 2020, 2021 or 2022. So before even addressing the issue of your multiple W-2's---let's be sure you are using the right software. If you are preparing a return for 2020, 2021 or 2022, you have to use the CD/download on a full PC or Mac. You cannot use online TurboTax.
Did you work at each of those locations? Does each W-2 represent the amount earned at the specific location? If you are not sure----then ask your employer why they issued multiple W-2's.
WHY DID MY REFUND GO DOWN WHEN I ADDED ANOTHER W-2?
You started off with your first W-2 and your refund looked high? Then you added another W-2 and it stopped looking so good? That is normal. When you added more income, your tax liability increased, so you saw your refund decrease. The program began by giving you your standard deduction—- which lowered your taxable income. (if you are filing joint for 2023 it took $27,700 off your income right off the bat) So you are not being taxed on as much of the income on that first W-2. Then you added taxable income--so the refund went down. Your refund (or tax due) is based on the total of your income, not “per W-2.”
And…adding income may affect other credits you were getting like the earned income credit.
Wait until you have entered ALL of your income and credit/deduction information. You can't really tell anything until it is all entered. That “refund monitor” does not mean anything until everything has been entered.
https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-2
If the W2s have different EIN employer numbers then they are actually separate companies.
Yes that is common for your refund to go down. It just looks that way because you put them in as separate W2s and saw the tax due change in between them. If it was all on one W2 you would get the same result. And each job was withholding like it was your only job. You are taxed on your total income. The more total income you make you pay a higher percent for tax.
Because you only get one standard deduction no matter how many W2s you enter. Turbo Tax starts out by giving you the Standard Deduction. You entered more income when you entered the second W2 but you didn’t enter more deductions. And each job only withheld taxes like it was our only job for the year. You might want to adjust your withholding. Also as you add more income you might not be getting as many credits as before like the EIC credit.
Received W-2's for what tax year? Can't be 2023 since the year isn't even over yet.
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