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February 11, 2020
Question

I wanna know how long will it take for my taxes to come back? And why am I only getting $70 back when they have took way more than that over these months

  • February 11, 2020
  • 2 replies
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2 replies

Employee
February 11, 2020

The IRS says they pay 90% of tax refunds within three weeks.

 

You only get a tax refund if you pay more into the system than you owe.  If you paid, for example, $3000 in withholding and you are getting a $70 refund, that means your taxes were $2930.  Print your return or download the PDF and review it carefully all the math is there.

ReginaM
February 11, 2020

There could be a couple of reasons that you are only getting $70 this year.

 

Back in 2018, the IRS reduced the amount withheld from employee paychecks so people had more take home money. This was done because the IRS did away with the personal exemption and increased the standard deduction. The net affect of this has lowered the amount of refunds realized by the taxpayer.

 

You may want to verify that you entered everything into TurboTax correctly by following these steps:

  1. Select Tax Tools on the left hand side of your screen,
  2. Select Tools,
  3. Select View Tax Summary,
  4. Select Preview my 1040 on the left hand side of your screen.
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