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Re: My Tax Return is way less?
[Re: Beer Belly]
#3038562
02/11/20 01:40 AM
02/11/20 01:40 AM
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Joined: Jun 2017
Posts: 6,803 Alabama
Jakethesnake
OP
The Flippin’ Idiot That Could Care Less
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OP
The Flippin’ Idiot That Could Care Less
Joined: Jun 2017
Posts: 6,803
Alabama
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Fill this out with these 6 numbers and it may help you:
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------------------------------------2018------------------2019 taxable income................________............_________ taxes owed......................________............_________ taxes paid........................________............_________
You will find that: The tax that you owed was about the same. 2018 will probably be ~$400 more owed than 2019 due to your salary. Then you will see than in 2019 the "taxes paid" was ~$1800 less than you paid in 2018.
In other words you did not pay enough in 2019
OR you stopped paying into you 401k and in 2019 you had higher taxable income.
Now it is 2020: Be sure that they are taking out enough tax in your pay check, or set aside ~$2000 to pay taxes next year.
This is what happened. It threw me off cause the earned income credit was more this year as well as the child credit. I had changed my 401k contributions and it made a big difference.
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