There are many events that may reduce your refund, including:
You can access your personalized refund information in TurboTax:
Note: If your TurboTax navigation looks different from what’s described here, learn more.
- Open or continue your return.
- Select Federal in the left menu.
- Choose Federal Review.
- 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.
If your refund seems extremely off, double-check the amounts you entered. A typo of just one dollar can have a big impact on your refund.
FAQs
If you owe money to a federal or state agency, the federal government may use part or all of your federal tax refund to repay the debt. This is called a tax refund offset. If your tax refund is lower than you calculated, it may be due to a tax refund offset for an unpaid debt such as child support.
Why is my tax refund so low this year compared to last year? ›
Salary increase: If you got a salary increase last year but neglected to increase your tax withholding, this could lead to a smaller tax refund when you file. New side income: Say you started earning side income during the tax year but neglected to make estimated tax payments on that extra income.
Why is my refund less than what it was supposed to be? ›
All or part of your refund may be offset to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans.
Will I get the same tax refund as last year? ›
So many factors affect your tax refund, but if you have the same income, credits and deductions this year, your refund may be slightly larger thanks to inflation-related adjustments to standard deductions and tax brackets.
How to get a $10 000 tax refund in 2024? ›
How do I get a 10,000 tax refund? You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year.
How do I find out why my tax refund was reduced? ›
Offset letter
BFS will send you a letter explaining why your federal refund was reduced and that it may take several weeks before the federal refund reaches FTB. They will also send any remaining federal refund amount to you. To get a copy of your letter, contact us.
Why am I getting so little back in taxes in 2024? ›
You may be in line for a smaller tax refund this year if your income rose in 2023. Earning a lot of interest in a bank account could also lead to a smaller refund. A smaller refund isn't necessarily terrible, since it means you got paid sooner rather than loaning the IRS money for no good reason.
How come I didn't get my full tax refund? ›
There are lots of reasons why this might happen. In most cases, the IRS takes part of your refund to pay for outstanding government debts you might owe. These include: Overdue federal tax debts.
Why did my refund drop so much? ›
If you owe money to a federal or state agency, the federal government may use part or all of your federal tax refund to repay the debt. This is called a tax refund offset. If your tax refund is lower than you calculated, it may be due to a tax refund offset for an unpaid debt such as child support.
Why did my refund amount change? ›
Examples that could decrease your refund include: Math errors or mistakes; Delinquent federal taxes; State income taxes, child support, student loans or other delinquent federal nontax obligations; and.
If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. That means that your net pay will be $46,347 per year, or $3,862 per month.
How much should I get back in taxes if I made $40,000? ›
What is the average tax refund for a single person making $40,000? Analysis by Lending Tree reports that the average tax refund for a person making between $25,000 and $49,999 is $2,845.81.
What is the average tax refund for a single person? ›
How much is the average refund? So far in 2024, the average federal income tax refund is $2,850, an increase of 3.5% from 2023.
Is it better to claim 1 or 0 on your taxes? ›
Claiming 1 on your tax return reduces withholdings with each paycheck, which means you make more money on a week-to-week basis. When you claim 0 allowances, the IRS withholds more money each paycheck but you get a larger tax return.
What's the biggest tax refund ever? ›
Plus Tax Tips For Small Business Owners. In what could be the most amazing tax move ever, a Georgia woman filed a $94 MILLION tax refund! You have to make over $1.6 billion dollars in income to pay $94 million taxes with Georgia's 6% state income tax rate.
Which filing status gives the biggest refund? ›
If you're able to file as a head of household it could give your refund a significant boost. For example, heads of household get a larger standard deduction than single filers.
How can I get a bigger tax refund? ›
Here are four simple ways to get a bigger tax refund according to the experts we spoke to.
- Contribute more to your retirement and health savings accounts.
- Choose the right deduction and filing strategy.
- Donate to charity.
- Be organized and thorough.
If you claimed 0 and still owe taxes, chances are you added “married” to your W4 form. When you claim 0 in allowances, it seems as if you are the only one who earns and that your spouse does not. Then, when both of you earn, and the amount reaches the 25% tax bracket, the amount of tax sent is not enough.
Why is everyone owing taxes this year in 2024? ›
Under-withholding from Your Paycheck
Under-withholding is the #1 reason individuals owe taxes. This occurs when not enough tax is taken out of your paychecks throughout the year. If you haven't updated your W-4 form after a major life change, income adjustment, or second job, you might find yourself in this situation.
