Solved: If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?
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If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?

 
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Level 15

If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?

We do not know enough about your tax return to answer that.  We do not know how much you had withheld, how much mortgage interest you paid, how much you paid in property taxes, how much you donated.....

No one on Answer Xchange can see your return.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit. Are you 65 or older ?  If so, your standard deduction is higher. Or do you have a healthcare penalty?  The best way to find the difference is to print and compare 2016 and 2017 side by side

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Level 15

If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?

It depends, in part, upon how much you had withheld.
Highlighted
Level 15

If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?

We do not know enough about your tax return to answer that.  We do not know how much you had withheld, how much mortgage interest you paid, how much you paid in property taxes, how much you donated.....

No one on Answer Xchange can see your return.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit. Are you 65 or older ?  If so, your standard deduction is higher. Or do you have a healthcare penalty?  The best way to find the difference is to print and compare 2016 and 2017 side by side

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

Highlighted
Level 15

If I reported $87,000 . I own a home and have a wife, five kids and charitible deductions. How is my refund only $3800?

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