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January 26, 2025
Question

Return amounts lower than previous years

  • January 26, 2025
  • 1 reply
  • 0 views

I’ve had a few jobs but I’m single with no dependents, no school or special circumstances. I’ve made less before and have had 900-1k refunds the last three years they’ve been 100-300 and last year I owed a few bucks. Is it my employer ? Me? I think I heard about some type of change they made where you would have to adjust how much is withheld for taxes… not sure if that had something to do. Just so curious I’ve made less before and got more back. Thanks in advance

1 reply

Employee
January 26, 2025

If you want to change your W-4 to have more tax withheld you can do that.

 

W-4

https://turbotax.intuit.com/tax-tools/calculators/w4/ 

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

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.**