You'll need to sign in or create an account to connect with an expert.
These are the most common things that effect your refund or balance due:
Here is a TurboTax Help Article that will give you more information.
More W-2 income pushes the income into higher tax brackets. Evidently, the additional withholding was not sufficient to cover the additional taxes.
WHY DID MY REFUND GO DOWN WHEN I ADDED ANOTHER W-2?
You started off with your first W-2 and your refund looked high? Then you added another W-2 and it stopped looking so good? That is normal. When you added more income, your tax liability increased, so you saw your refund decrease. The program began by giving you your standard deduction—- which lowered your taxable income. (if you are filing joint it took $29,200 off your income right off the bat) So you are not being taxed on as much of the income on that first W-2. Then you added taxable income--so the refund went down. Your refund (or tax due) is based on the total of your income, not “per W-2.”
And…adding income may affect other credits you were getting like the earned income credit.
Wait until you have entered ALL of your income and credit/deduction information. You can't really tell anything until it is all entered. That “refund monitor” does not mean anything until everything has been entered.
WHY DID MY REFUND DROP WHEN I ADDED ANOTHER W-2?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bwblackmon03
New Member
flyday2022
New Member
ablane
Level 1
oa78
New Member
Trygg
New Member