Your tax refund is based on several things.
- Total Income
- You are taxed on total income, not on each individual income source.
- The combined income will be taxed higher than any individual source.
- Be sure to confirm that you have accounted for every income source.
- Withholdings
- Each income source may have their own withholding,
- If you didn’t tell your employer that you had other income, you may not have had sufficient withholdings.
- Be sure that all withholding amounts have been properly accounted for.
- Deductions
- Deductions represent the amount that can be subtracted from your income before the tax calculation is completed.
- There are two ways to get the deductions
- The standard deduction for single filers is $12,950
- Itemized deductions are an accumulation of various authorized deductions.
- If you choose to post the Itemized deductions, TurboTax will determine the alternative that is to your best advantage.
- Credits
- There are a variety of credits that will significantly impact your taxes.
- Tax laws change regularly, and the criteria for Credits can change drastically.
- If you received a credit in a previous year that you didn’t get in the current year it will have a significant impact.
If you have your previous year's tax return you should compare it to the current tax return, and evaluate any changes.
If you have the Desktop version of TurboTax you can see your current tax return (1040) under the FORMS mode.
If you’re Online you can see your 1040 by going to:
- Tax Tools (on the sidebar)
- Tools
- From the dropdown View Tax Summary
On the sidebar Preview my 1040
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