Why does Turbo tax show my state (Georgia) refund as $206 when my W2 says $279.35?

[DoninGA]

What is on your W-2 is the Georgia state income taxes withheld from your wages.  It is only an estimate based on your income.

If your total state tax payments are greater than your total state tax lability you will get a state tax refund for the overpayment.

[SusanY1]

Your W-2 reports the tax that you paid in.  Your refund is the difference between the amount paid in and the amount that you owe.  While some folks get back all of their withholding reported on the W-2, that's not the norm. 

This suggests you had a tax liability of $73 to the state of Georgia.  

[xmasbaby0]

You W-2 does not show you how much your GA refund will be.  Your W-2 only shows you how much you earned in GA and how much was withheld for GA state tax.  You do not necessarily get all of it back.  GA keeps some to pay your state tax liability.