I live in New York State and have two jobs. I made about 14K each last year and owe over $1100 between federal and state taxes.
However, when I enter my W-2s in independently it shows I have refunds available.
I’m just wondering if having two jobs is what’s causing this tax bill to arise. I know others at one workplace who’ve made more than me and received a return after filing this year. This is my first year working at two different companies and also the first year I’ve had to pay money back, as opposed to receiving a return.
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 it took $25,900 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
Thank you! I understand the higher tax liability with making more and that taxes aren’t done “per W-2”…it just seemed like maybe not enough was being withheld from my paycheck to warrant a bill this high. Like I said, I know others who made more than me at the same workplace and did receive a refund (of course, I don’t know their full filing situation, credits, etc…)