Why does it say we will be getting back 4 dollars ...
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lori7015
New Member

Why does it say we will be getting back 4 dollars from federal when we pain in over 7,000 dollars? Why so low?

 
2 Replies
DoninGA
Level 15

Why does it say we will be getting back 4 dollars from federal when we pain in over 7,000 dollars? Why so low?

Your federal tax refund is determined by the amount of taxable income you are reporting, the taxes owed on the taxable income and the tax payments entered, along with any credit you are eligible for on your tax return.

 

Look at your Form 1040 Line 11b for your taxable income.  Line 12a for the taxes owed.  Line 19 for your total tax payments.  The federal tax refund is on Line 20.

 

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

VolvoGirl
Level 15

Why does it say we will be getting back 4 dollars from federal when we pain in over 7,000 dollars? Why so low?

That's good planning.  You want to come out even or zero owed on your tax return.  You don't want to owe more and you didn't let the IRS hold your money all year interest free.  You got more net pay in your paychecks each month.  To get a larger refund you can increase the withholding you have taken out out of your paychecks.  But then you will get less pay.

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