How much tax am i getting back
Best Answer: Your effective tax rate in 2008 was 16.9%. Your effective tax rate in 2009 is less than 15.4%. So no, you're not paying more income taxes, you're actually paying about 1.5% less.
You only earned $8,000 less in income yet your income taxes withheld was $4,500 less. That's substantially less withholding. Your reduced income alone doesn't account for the difference. Did you change your exemptions on your W-2 at the beginning of or during 2009?
Did anything else change during the year? Do you itemize deductions? If so, did your mortgage interest rate drop in 2009? Compare your total itemized deductions on Sch A against last years (if you itemized). Did you have other adjustments to your taxable income? Tuition, etc.
your TAXABLE income on this year's 1040 line 43 against last years 1040 line 43. What's the difference in your taxable income?
Double check all your answers in Turbo Tax by going back to the beginning of the interview and re-reading each question. Make sure you answered every question. If you don't understand a question, get help or research the topic. Both programs have a good help topic feature.
Last, check with your payroll department to see how many exemptions you're currently claiming. You may want to submit a new W-2 for 2010 so you don't end up owing at the end of this year.
Hope this helps.
Source(s): Trained tax preparer & bookkeeper/accountant for 28 years.
Robin D · 6 years agoSource: nz.answers.yahoo.com