Do you get a bigger tax return 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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What does the IRS look for to approve your refund?

First they look for things like back taxes and unpaid child support. If they find any debts, they'll offset (reduce) your refund to cover the outstanding amount. Once they are satisfied that you have no outstanding debts, they will approve and then issue your refund.

ttlc.intuit.com - Does ""accepted"" mean my refund is approved? - TurboTax Support - Intuit

Not yet. Accepted means your tax return is now in the government's hands and has passed the initial inspection (your verification info is correct, dependents haven't already been claimed by someone else, etc.). After acceptance, the next step is for the government to approve your refund. First they look for things like back taxes and unpaid child support. If they find any debts, they'll offset (reduce) your refund to cover the outstanding amount. Once they are satisfied that you have no outstanding debts, they will approve and then issue your refund. Think of the e-filing/refund process like applying for a job: although the employer (government tax agency) has received (accepted) your job application, they still have to review (approve) your application before they grant you an interview (refund).

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