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March 8, 2024
Question

Last year we received 5,051 as a refund. This year you are saying we only receive $776. We have only social security and a pension. Something is wrong.

  • March 8, 2024
  • 1 reply
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How can I see what has been entered before submitt?

1 reply

Employee
March 8, 2024

You do not say what income you received in 2022 for which you received that big refund.  If in 2023 your only income was Social Security and a pension, how much tax was withheld?  Your refund is based on your tax liability and the amount that was withheld from your income.

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

https://ttlc.intuit.com/community/printing/help/can-i-print-a-copy-of-my-turbotax-online-return-before-i-file-it/00/26244

 

 

We cannot see your screen, your return or your account.  Have you entered ALL of your 2023 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.

 

Lots of tax laws changed.  Those changes are resulting in lower refunds for lots of people.

 

There is no recovery rebate credit (stimulus $) for 2023.  The childcare credit is  less and is not refundable. The child tax credit is different and it is less.    And for some people, earned income credit is different because there is no “lookback” to an earlier year.  Those are some of the reasons your refund may be less.

 

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…..the child tax credit is very different for 2023    For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work.   That is NOT the way it will work for your 2023 tax return.  The “old” rules are back.   The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1600.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1600.  If your child is older than 16 at the end of 2023, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

 

 

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 2022  and 2023  and compare them side by side to see what is different. 

 

 

https://ttlc.intuit.com/community/refunds/help/why-did-my-refund-go-down-compared-to-last-year-s/00/25993

 

 

 

 

 

**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.**
March 8, 2024

You can access your personalized refund information in TurboTax:

  1. Open or continue your return.
  2. Select Federal in the left menu.
  3. Choose Federal Review.
  4. Under the Explain Why section of the Federal Review screen, select Why am I getting a refund of $? to see more details on your refund and how it was calculated.

You can also view your entire return or just your 1040 form before you e-file: How do I preview my TurboTax Online return before filing?

 

You will pay tax on your Social Security benefits based on Internal Revenue Service (IRS) rules if you:

  • File a federal tax return as an "individual" and your combined income* is
    • Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
    • More than $34,000, up to 85% of your benefits may be taxable.
  • File a joint return, and you and your spouse have a combined income* that is
    • Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
    • More than $44,000, up to 85% of your benefits may be taxable.
  • Are married and file a separate tax return, you probably will pay taxes on your benefits.
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