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2015nhhmtx
New Member

When the tax questions began the fed ref est = 2900 after my w2 income 35295 & then SS inc 22900 I have $ 88 ref even tho I pd in extra all yr?

My fed wh was 5932 and the return shows I still owe $88 (oops not ref)  Something surely seems wrong.
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Accepted Solutions
SweetieJean
Level 15

When the tax questions began the fed ref est = 2900 after my w2 income 35295 & then SS inc 22900 I have $ 88 ref even tho I pd in extra all yr?

0-85% of your Social Security is taxable, depending upon your other (Joint) income. Ideally, your taxes withheld should equal your taxes due, so that you zero out at year end.

The refund meter is meaningless until all your information had been entered. Your taxes are 5932+88 = $6,020 on a gross income of $58,195. Why do you think that is too high?  Try here:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

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3 Replies
SweetieJean
Level 15

When the tax questions began the fed ref est = 2900 after my w2 income 35295 & then SS inc 22900 I have $ 88 ref even tho I pd in extra all yr?

0-85% of your Social Security is taxable, depending upon your other (Joint) income. Ideally, your taxes withheld should equal your taxes due, so that you zero out at year end.

The refund meter is meaningless until all your information had been entered. Your taxes are 5932+88 = $6,020 on a gross income of $58,195. Why do you think that is too high?  Try here:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

TaxGuyBill
Level 9

When the tax questions began the fed ref est = 2900 after my w2 income 35295 & then SS inc 22900 I have $ 88 ref even tho I pd in extra all yr?

You added $22,900 of income, with $0 of additional withholding.  Of course that is going to have a huge impact on your taxes.

About 85% of the $22,900 is subject to taxes.  So that adds $19,465 to your tax return.  If you were in the 15% tax bracket, that adds $2920 of income tax.

So it sounds about right to me.
SweetieJean
Level 15

When the tax questions began the fed ref est = 2900 after my w2 income 35295 & then SS inc 22900 I have $ 88 ref even tho I pd in extra all yr?

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