Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Ask the Experts about the new tax laws! >> Event happening TODAY!
cancel
Showing results for 
Search instead for 
Did you mean: 
cnpeopl
New Member

Why did my refund change after entering my husbands W-2?

 
1 Reply
BillM223
Expert Alumni

Why did my refund change after entering my husbands W-2?

The federal income taxes withheld on your W-2 (Box 2) is an estimate that you and your employer made at the beginning of the year (when you filed your W-9 with your employer) of how much federal income tax you would owe.

 

Now we are at the end of the year, and you have entered all your information into TurboTax, and the software has calculated what you actually owe.

 

As you can imagine, the estimate for your W-2 and your spouse's are likely different. Furthermore, as you add income to the Family, the effective tax rate rises, so what would have been a good estimate for one W-2 may not not a good estimate for both W-2s. 

 

Your estimate on the W-2 is almost certainly high or low. If your estimate was high, then you will likely get a refund. If you estimate is low, you will likely owe tax.

 

The number in Box 2 is not the amount of tax that the IRS assesses but only how much was withheld to pay for your assessed tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v