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If you made more money in 2017 than in 2016, will you owe more in taxes when you file and get a smal

Author : shoeshopper3

Submitted : 2018-02-26 03:07:09    Popularity:     

Tags: taxes  owe  money  refund  smaller  

That depends on what was withheld. If the same amount withheld,, then you would get a smaller refund, because your tax burden is higher with higher income.

Answers:

That depends on what was withheld. If the same amount withheld,, then you would get a smaller refund, because your tax burden is higher with higher income.

Maybe, not but always.

It is not related. A refund is how much you loaned the government interest free.

That's the way it goes.

Not necessarily.

There are too many variables involved to say for sure if your refund would go up or down.
Consider the following facts:

1. Higher income means higher tax liability (before credits) in most cases.

2. higher income could mean you get more tax credits if you were previously very low income and you're still in the "phase in" range for credits such as EIC or the additional child tax credit.

3. Higher income could also mean lower tax credits if you were in the "phase out" phase of those credits.

4. Higher income typically results in more money being withheld toward your tax bill, So even if your total tax liability goes up your refund could still go up if your withholding increased by more than your tax bill.

If you're not getting any credits with phase in/ phase out ranges then it would just be a matter of which went up more: your tax bill or the tax withholding on your paychecks. The difference between those two amounts would determine the change in refund.

Assuming your deductions are the same, you did owe more taxes in 2017.

However, you should also have paid more taxes during the year. So your refund might be smaller or it might be larger.

Maybe yes, maybe no. Every individual situation is unique.

Generally speaking, if you made more money, your tax liability will be higher.

Your refund or balance due is the difference between your tax liability and your withholding. If your withholding went up as well, your refund may be about the same even if your income went up.

You should get more thanks to Trump.

It depends on how much was deducted and the details of your tax return, there's no way to say from what you provided.



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