I made 33k paid 2000$ in tax this year vs 18k and 1000$ in tax last year. My refund is 46$ this year vs 420$ last year. How can this be?

Forum|Forum|2 years ago
February 22, 2024
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Wondering how it adds up that I paid twice as much tax this year vs last year, and am yet entitled to 10% the refund amount I received last year.

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Best answer by SteamTrain

The standard deduction wiped out a lot of the 18k of income last year. (single: roughly 13k deducted so tax was ~ 10% of 5000, or ~$500 assessed) so a fair refund

The extra $$, from 18k-33k this year was all taxed, and new 2023 Std Ded is roughly 14k. so 33k-14k = 19k taxable income . The first 11k is taxed at 10%, next 8k is taxed at 12%.....so you pay more. i.e.1,100 + 960 = $2,060 assessed.

But that's VERY Rough since your numbers are not exact.

More income = more paid in taxes.

SteamTrainAnswer

Employee

The standard deduction wiped out a lot of the 18k of income last year. (single: roughly 13k deducted so tax was ~ 10% of 5000, or ~$500 assessed) so a fair refund

But that's VERY Rough since your numbers are not exact.

More income = more paid in taxes.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*