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lydialovesmom198
New Member

Why is my taxes so low

 
1 Best answer

Accepted Solutions
JamesG1
Employee Tax Expert

Why is my taxes so low

Perhaps you are referring to the computation of your Federal refund being lower than last year?

 

Have you input all of your tax documents?  Many tax documents are not required to be issued until January 31.

 

Here are some of the more common issues that will affect your refund from one year to the next.

  • Change of jobs affect tax withholding computations causing you to withhold at a lower rate than last year.
  • Income increase or decrease affects a tax benefit or computes your tax from a higher tax bracket.
  • A change in number of dependents or a dependent changes from a qualifying child to a qualifying relative.
  • Losing or not qualifying for a tax credit.
  • Self-employment income generates a self-employment tax as well as income taxes.

You may want to review this.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
JamesG1
Employee Tax Expert

Why is my taxes so low

Perhaps you are referring to the computation of your Federal refund being lower than last year?

 

Have you input all of your tax documents?  Many tax documents are not required to be issued until January 31.

 

Here are some of the more common issues that will affect your refund from one year to the next.

  • Change of jobs affect tax withholding computations causing you to withhold at a lower rate than last year.
  • Income increase or decrease affects a tax benefit or computes your tax from a higher tax bracket.
  • A change in number of dependents or a dependent changes from a qualifying child to a qualifying relative.
  • Losing or not qualifying for a tax credit.
  • Self-employment income generates a self-employment tax as well as income taxes.

You may want to review this.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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