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Why am i getting less taxes in returns when making more but when i was making less on 2023 taxes and got more in return

 
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Accepted Solutions

Why am i getting less taxes in returns when making more but when i was making less on 2023 taxes and got more in return

Nothing is the same as last year. There are many differences. If you have kids they are a year older. That can make big changes. Also the tax laws and brackets might have changed. The withholding tables change each year. Each year is separate. And another thing, more income = more tax and usually less refund. It could be your withholding didn't keep up with the increase in income.

 

You have to compare this year with last year’s return LINE BY LINE and see what changed. Maybe you’ll spot something you left out or entered wrong. Common things are leaving the decimal point out or typing a comma for a decimal point, or typing an extra digit. Getting the wrong taxable amount on a 1099R entry or entering the 1099R wrong and getting hit with a penalty. Missing the qualified dividends in 1099-DIV box 2a. I could go on and on.


Why did your refund go down this year?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...

 

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1 Reply

Why am i getting less taxes in returns when making more but when i was making less on 2023 taxes and got more in return

Nothing is the same as last year. There are many differences. If you have kids they are a year older. That can make big changes. Also the tax laws and brackets might have changed. The withholding tables change each year. Each year is separate. And another thing, more income = more tax and usually less refund. It could be your withholding didn't keep up with the increase in income.

 

You have to compare this year with last year’s return LINE BY LINE and see what changed. Maybe you’ll spot something you left out or entered wrong. Common things are leaving the decimal point out or typing a comma for a decimal point, or typing an extra digit. Getting the wrong taxable amount on a 1099R entry or entering the 1099R wrong and getting hit with a penalty. Missing the qualified dividends in 1099-DIV box 2a. I could go on and on.


Why did your refund go down this year?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...

 

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