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I have 2 W-2 forms entered into my taxed. I have 2 W-2 forms…

I have 2 W-2...

I have 2 W-2 forms entered into my taxed

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have 2 W-2 forms with very similar income and withholding entered into my turbo tax program. After I entered the second w-2 (again, similar income and withholding) the amount of my refund is significantly less. Why is that?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I think all numbers entered correctly. Again similar gross income and similar withholding

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Answered in 2 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,039
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

Its most likely due to the graduated tax rates. So, the more income you get, the higher the chance your income will fall under a different tax bracket.

So, when you entered the first one, you were probably in a lesser tax bracket, so your withholding more than made up for the tax due.

However, when you entered your second one, you entered a higher tax bracket, so the withholding would not cover as much of the taxes due.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,039
Experience: Adjunct Professor
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