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Was there a change in taxes with this years returns?
I file my returns online at Turbo Tax. They didn't offer up any solution to my problem. I am trying to figure out why this years taxes were so low compared to last year.
My 2009 returns had a total of $59k. I had 30k with my job and an additional 29k in W2-G's. in 2010 I had 30k with my job and only 7k in W2-G's. In 2009 I got back almost $700. This year I am getting back $100.
I am single and no kids. I understand I get taxed more than most. But what I don't understand is why I am getting less back this year when it is obvious I made a lot more in 2009 than I did in 2010. my return looked normal this year until I entered the W2-G's It fell from $1,114 to $300 after I entered in my losses as well.
Can anyone provide any light to the situation? Did they change how much taxes get paid on lottery winnings?
I can't think of any difference there would be on with holdings. Nothing changed at my job tax wise. And I never have taxes taken out on any W2-G's. So there shouldn't be any more withheld then there was the previous year. I will double check to make sure though.
4 Answers
- chatsplasLv 71 decade agoFavorite Answer
Last year first $2400 of unemployment was not taxed, this year it is
Last year and this year, there is a $400 credit for wage earners
Putting money into the 401k at work is the best way for singles to lower taxable income, and it also builds a nest egg for retirement--better investment for your future than gambling
Source(s): tax pro - Anonymous1 decade ago
probably had less tax withheld either in the W-2 or W-2G's
no one is "entitled" to a big refund every year
teh main idea should be to maximize your weekly take home pay, so yuo don;t have to wait until months after the end of the year to get the money you overpaid (with no interest paid to you on that refund)
- Anonymous1 decade ago
One, you must learn to never look at the "projected refund" until after you have entered all of your income.
For 2009, income $59,000.
59000 - 9350 = 49,650. Single = $8606 of tax.
For 2010, income of $37,000
37000 - 9350 = 27,650 or tax of about $3733.
Itemized deductions (the losses) don't help until they exceed $5700.
If you had bonuses in 2009, the tax withholding was flat 25%. Regular tax is withheld closer to 15%.
Gambling withholding is also at 25%.
- rtfmLv 71 decade ago
Sounds like you had less taken out in withholdings this year. Your refund is only the amount of tax you owe minus the amount you've already had taken out of your income. If you have less taken out, you're going to get a smaller refund.
Compare the income *and* the withholdings from last year to this year and see if I'm right.
