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beccaalouu
New Member

Why am I getting less than half of what my return says?

 
1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Why am I getting less than half of what my return says?

No you don't get back all or most of your withholding.  You do owe tax on your income.  The withholding is just an estimate so you don't owe all the tax in April.  

And if you got it all back it would be like giving the IRS an interest free loan all year.  You actually should try to come out even on your tax return.  So you don't owe the IRS and they don't owe you.

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6 Replies
VolvoGirl
Level 15

Why am I getting less than half of what my return says?

Why do you think you are?  Do you have a state tax due?  Are you having any fees deducted from your federal refund?  There is an EXTRA 39.99 service charge for that.
beccaalouu
New Member

Why am I getting less than half of what my return says?

Because on my return it says over 1,000 was withheld from federal and 300 was withheld from state, yet i am only getting back 430 for the both of them. Shouldnt I be getting close to those amounts back? and no I have no fees being deducted.
VolvoGirl
Level 15

Why am I getting less than half of what my return says?

No you don't get back all or most of your withholding.  You do owe tax on your income.  The withholding is just an estimate so you don't owe all the tax in April.  

And if you got it all back it would be like giving the IRS an interest free loan all year.  You actually should try to come out even on your tax return.  So you don't owe the IRS and they don't owe you.
beccaalouu
New Member

Why am I getting less than half of what my return says?

I earned almost triple what I made last year and I am getting back less than last year. I am not close to owing anything. I have friends, who are also full time students, and they get all their money back. ???
VolvoGirl
Level 15

Why am I getting less than half of what my return says?

Everyone's tax return is different.  You can't compare yours to anyone else's.  You made more so you owe more tax on it which usually means less refund.  Look at each line on your return.  If you don 't understand a line ask.  

Yes you owe tax on your income.  Everyone does unless you made under the min amount.  Then you subtract the withholding and either get a refund or owe more.
xmasbaby0
Level 15

Why am I getting less than half of what my return says?

STUDENTS PAY TAXES TOO

Being a student has nothing to do with it. Students are not exempt from paying tax.  If you are being claimed as someone else's dependent (parents?) then any money you have in Box 1 of your W-2 that is over $6350 is taxable income.  So you do not necessarily get back all of what you see in Box 2.  The government gets to keep some of it.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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