If I am given 3 W2's for 2 jobs does turbo tax view it as 3 jobs? Does that decrease my tax return/put me in a different tax bracket?

Forum|Forum|7 years ago
June 4, 2019
2 replies
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When I added my 2nd job / 3rd W2, my return went from over $2k to only $900 while staying within the $37,651 – $91,150 tax bracket

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Calculating your Taxes according to the Tax Bracket, with the information you provided, the difference is actually $2500.00. This is assuming that your Taxable Income changed from $50k to $60k and that you are Single. Your Taxable Income is calculated by:

AGI - Deduction(standard or itemized) - Exemption(s)=Taxable Income
https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

When you look at the Tax Table you must use your Taxable Income to figure the Tax. A difference in Tax Due from a $10k increase in income is not out of the question.

I have attached screenshots of the IRS Tax Table Sections for $50k and $60k of Taxable Income. The Values used are for Single Filers; $60k of income = $10778 in taxes; $50k of income = $8278 in taxes

Anonymous

Answer

AGI - Deduction(standard or itemized) - Exemption(s)=Taxable Income
https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

When you look at the Tax Table you must use your Taxable Income to figure the Tax. A difference in Tax Due from a $10k increase in income is not out of the question.

I have attached screenshots of the IRS Tax Table Sections for $50k and $60k of Taxable Income. The Values used are for Single Filers; $60k of income = $10778 in taxes; $50k of income = $8278 in taxes

Anonymous

First, you must contact the employer that provided you with a Second W2 to confirm that one of them is not a corrected form. To make a long story short, each W2 should have a different EIN for each employer. If that is not the case, only one of the W2s can be valid.

It can be quite unnerving to watch your Tax Return drop while you are entering information such as your income. The FAQ below provides a thorough explanation and illustrates how entering additional income affects your return:

https://ttlc.intuit.com/replies/3798403

jamesdruzAuthor

Level 2

Thank you for your detailed response! The EIN is different between the first 2 EINs. The example makes sense and it is what I assumed however the 3rd W2 was for a second job where I only made 10k, bringing my yearly from 50k to 60k, judging by the IRS tax bracket does it really make sense to lose 1.4k in credit from a 10k increase? It makes me worried that I put in the wrong values or something.