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red_labonte
Returning Member

refund not adjusting after deductions entered

I imported my W2 and TT stated that my refund was a little over $5K, I then imported my wife's W2 and it dropped to $1,457 and did not adjust after I went through all the deductions, like children, home mortgage interest paid and charities.  Was there an update that my TT didn't get?  I feel that I should be getting more.

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2 Replies

refund not adjusting after deductions entered

If you filed with TT last year, it kind of "knows" some of your credits already, so it is farther ahead of you in the process than you realize. When you entered your wife's income, assuming you filed correctly (with regard to status like "married filing jointly") then it will update the proper refund based on your taxable income (AGI). It is probably correct, but you can do the calculations yourself also if you don't trust the program. Just figure out your AGI and use this table to calculate the taxes you owe (put it in your calculator as a negative number), then add your tax credits and the amount that the government took out in taxes. That is your refund. 

https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/

KrisD15
Employee Tax Expert

refund not adjusting after deductions entered

@red_labonte

 

Those kinds of deductions are listed on Schedule A. Taxpayers choose Schedule A (Itemized) OR the Standard Deduction. 

The Standard Deduction was increased sharply in 2018. Most taxpayers just take the Standard Deduction now and if that is the case for you, those additional entries won't affect the federal return. 

Still enter them as they might affect your state return. 

Dependents (children) did give you an exemption amount, but that was eliminated when the Standard Deduction was increased.  

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