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March 4, 2024
Question

Where do I look to see why a $315 tax credit is being given on what should be a simple return?

  • March 4, 2024
  • 2 replies
  • 0 views
Why would a single person with no dependents have a tax credit of $315?  This should be a simple return.

2 replies

Employee
March 4, 2024

We cannot see your screen or your tax return.  One guess----did you have a contribution to an employer retirement account in box 12 of your W-2?   You might be getting the retirement saver credit.

**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.**
JohnB5677
March 5, 2024

I suggest you preview your tax return to see what credits you may have gotten.

You can preview your tax return by going to:

 

  1. On the menu bar on the left that shows.
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. On the popup menu
  5. Select View Tax Summary
  6. On the left sidebar
  7. Select Preview my 1040.
  8. Schedules 1,2 & 3 are included if you scroll down past your 1040.
  9. To return to the entry screens press Back on the sidebar.

Lines 27, 28 & 29 are the most common credits.

I expect you may have gotten the Earned Income Credit listed on line 27.

 

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

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