Do you get a bigger tax refund if you make more money?

turbotax.intuit.com - Ways to Increase Your Tax Refund You Never Thought About - TurboTax

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OVERVIEW

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.

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Key Takeaways • Choosing the filing status that best matches your situation can lower your taxes and increase your refund. • You can use a W-4 Withholding Calculator to help you estimate what you should enter on your W-4 and adjust the amount that you can expect as a refund when you prepare your taxes. • Claiming the Earned Income Tax Credit if you are eligible can decrease the amount of taxes you owe and may get you a tax refund even if you don’t owe any tax.

Review your W-4: Bigger refund or bigger paycheck?

When you start a job, your employer asks you to complete Form W-4. This tells your employer how much federal income tax to withhold from your paycheck. Depending on what amount of income and which credits you specify on the W-4, the more or less tax will be withheld. Having less taken out will give you bigger paychecks, but a smaller tax refund (or potentially no tax refund and a tax bill at the end of the year).

Factors to consider when completing your W-4 include:

Claiming credits such as the Child Tax Credit and the Other Dependent Credit will decrease the amount of your withholding

Any additional income tax you would like withheld from each paycheck

Specifying more income on your W-4 will mean smaller paychecks, since more tax will be withheld. This increases your chances of over-withholding, which can lead to a bigger tax refund. That’s why it’s called a “refund:” you are just getting money back that you overpaid to the IRS during the year. By stating that you will be getting certain credits or deductions will mean bigger paychecks and likely a smaller refund (or perhaps owe some additional tax). You can use a W-4 Withholding Calculator to help you estimate what you should enter on your W-4.

Revisit your filing status

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Will everyone get a tax refund?

Why Are Tax Refunds Available Regardless of Income? A tax refund occurs when a filer shows more paid in income taxes than he or she is responsible for. It is dependent upon a difference between the tax that is owed to the Treasury at the end of the year and the amount that has been withheld throughout the year.

e-file.com - Learn Why Everyone is Eligible for a Tax Refund - E-file.com

Why Are Tax Refunds Available Regardless of Income?

A tax refund occurs when a filer shows more paid in income taxes than he or she is responsible for. It is dependent upon a difference between the tax that is owed to the Treasury at the end of the year and the amount that has been withheld throughout the year. If the amount of tax owed is less than the latter number, that individual receives a tax refund. According to the FDIC, 77% of tax returns filed receive a refund check and the average refund was around $2,000. While $2000 may be the average, some of the largest refunds are received by high income taxpayers. All filers are eligible to receive a tax refund, as it simply indicates that more was paid toward a bill than was necessary. When the government is owed less than what has already been paid, or qualified for, a taxpayer will receive a federal tax or state refund for the difference, regardless of their adjusted gross income. Approximately 40 million people with low incomes are not required to pay federal income taxes, however, these individuals are still eligible for a tax refund. This is because many tax credits are what's known as "refundable". People who file do not need to have earned an income or had any taxes withheld in order to receive one of these credits and if there is no tax due they are eligible to be collected through a refund. Those wishing to take advantage of this do need to file an income tax return in order to collect it.

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