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Why do i pay over $110 a week in taxes but at the end of the year only get back $247?

 
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Why do i pay over $110 a week in taxes but at the end of the year only get back $247?

We cannot see your screen or your tax return; we know nothing about the amount of income you earned, or your filing status, whether you have dependents. etc.   Those of some of the factors that determine how much tax you are required to pay.   However, if you worked and earned income, you are subject to paying tax, including Social Security, Medicare and ordinary income tax.   If the amount that was withheld from your pay as shown in box 2 of your W-2 is more than your tax liability, then you may  get a refund of that amount.  You do not get back the amount that was withheld for Social Security or Medicare.

 

We cannot see your screen, your return or your account.  Have you entered ALL of your 2024 information?  All your income, etc.?  

 

There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

 

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...

 

Print out 2023  and 2024  and compare them side by side to see what is different. 

 

https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN

 

 

**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.**

Why do i pay over $110 a week in taxes but at the end of the year only get back $247?

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 5 p.m. Pacific time Monday -Friday.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbota...

**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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