There are so many variables at play to determine your bottom line refund or balance due amount that without additional information, changes in your return cannot be explained. Your tax return is not visible or available to anyone here who could answer your question with any certainty. However, here are some possible reasons that you may be seeing a significant change from your 2019 return to your 2020 return: Even though your income is higher, your tax withholdings did not increase accordingly If you are eligible to receive the Earned Income Tax Credit (EITC), there is a certain point where the credit gets lower as your income goes higher If you are claiming a dependent on your return who turned age 17 during 2020, then you would no longer receive the Child Tax Credit for that dependentThose are just three of the possible reasons you might see a significant change in your return from one year to the next when your income increases. I would recommend that you take a look at your 2019 tax return and your 2020 tax return side-by-side. Compare them one line at a time to see where the change occurred. That may help to answer your question. The following TurboTax article will give you the steps you need to preview your TurboTax Online return before you file: How do I preview my TurboTax Online return before filing?

Question

I made more money why is my return significantly less

Forum|Forum|5 years ago
January 31, 2021
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AnnetteB6

There are so many variables at play to determine your bottom line refund or balance due amount that without additional information, changes in your return cannot be explained. Your tax return is not visible or available to anyone here who could answer your question with any certainty.

However, here are some possible reasons that you may be seeing a significant change from your 2019 return to your 2020 return:

Even though your income is higher, your tax withholdings did not increase accordingly
If you are eligible to receive the Earned Income Tax Credit (EITC), there is a certain point where the credit gets lower as your income goes higher
If you are claiming a dependent on your return who turned age 17 during 2020, then you would no longer receive the Child Tax Credit for that dependent

Those are just three of the possible reasons you might see a significant change in your return from one year to the next when your income increases. I would recommend that you take a look at your 2019 tax return and your 2020 tax return side-by-side. Compare them one line at a time to see where the change occurred. That may help to answer your question.

The following TurboTax article will give you the steps you need to preview your TurboTax Online return before you file:

How do I preview my TurboTax Online return before filing?

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