Hello, I was on Turbotax earlier today and I was in the process of filing my taxes. But I'm very confused on my return, I made $28,833.18 in 2024 yet my refund is $53. Can anyone explain how or why this happened?

E

EHV

Question

2024 Tax return extremely low

Forum|Forum|1 year ago
January 26, 2025
3 replies
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Hello, I was on Turbotax earlier today and I was in the process of filing my taxes. But I'm very confused on my return, I made $28,833.18 in 2024 yet my refund is $53. Can anyone explain how or why this happened?

Other

X

xmasbaby0

Employee

We cannot see your screen, your return or your account. Have you entered ALL of your 2024 information? All your income, etc.? Many tax documents that you need do not arrive until late January or even February, so maybe you do not have it all there yet.

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/L97JmhUbi_US_en_US?uid=ld9ijm41

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.**

E

EHVAuthor

My only paperwork is the W-2, I know for a fact I have nothing else coming in.

My 2023 to 2024 are exactly the same because nothing changed in the time. I didn't get a loan, change my status, no pay raise or buy property. Now I did work more this year because in 2023 it was only 6 months at my job but now I've been there for a year and a half.

X

xmasbaby0

Employee

Maybe you received earned income credit last year? But for 2024 you earned too much to get that credit? You need to print your returns out from 2023 and 2024 and put them next to each other. Compare the returns line by line to see what is different.

**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.**

D

dvland2009

Me too in 2024 i earn 33879.60 and is saying im only getting $1.00 refund that’s beyond ridiculous.. what is happening i put every w-2 detail.. is because irs is taking more taxes out? Whats going on?

X

xmasbaby0

Employee

@dvland2009

We cannot see your screen, your return or your account. Have you entered ALL of your 2024 information? All your income, etc.? Many tax documents that you need do not arrive until late January or even February, so maybe you do not have it all there yet.

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/L97JmhUbi_US_en_US?uid=ld9ijm41

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.**

P

P1ss

It’s mostly likely some new President Musk bull**bleep**tery going on. I’ve been filing taxes myself for almost 30 years, over 20 of those were with children and EIC payments. It’s definitely cut way lower this year than it normally would be.

X

xmasbaby0

Employee

@P1ss

An interesting but flawed theory on why your refund is low--since the tax laws in effect for 2024 were not passed by the new administration. You need to look over your own Form 1040's to see what is different from 2023 to 2024.

**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.**