If I make alot of money does that mean I get less money back?

Question

I worked two job at the same time in '06. Does that mean I will get less money back when doing my taxes? I have placed one in Turbo tax and its says I get money back, but I heard that once I put my other in, then I will loss money. How true is this?

Answer 1

What you get back is what you had withheld minus what your total tax is.

If you had two jobs, especially if you worked both of them most of the year, your refund will probably go WAY down when you put the second one in, and you might owe instead of getting a refund. The reason for this is that each job would have taken out taxes as if that was the only income you had.

Answer 2

Not necessarily. I depends on several factors. How many exemptions you have. What is your filing status. Can you get the child tax credit? Do you have dependents? Can you get the earned Income credit. If you are filing the 1040 A ...do you have deductions such as business expenses, insurances, cost of goods, etc...
Put the other numbers in there and see.
Good Luck

Answer 3

That can happen. The tax rates go up as your income increases. The two employers have no idea what you're being paid by the other so they can't adjust for that.

It's YOUR responsibility to stay on top of things like that.

Answer 4

what you owe in taxes is the difference between what you owe in total and the amount you already paid (which is what your company takes out of your paycheck). The total you owe to the government doesn't change whether you have one or two jobs. What might change is that your 2nd company might have paid too little, so it decreases your refund. But if your 2nd company overpaid, then your refund would increase.

Answer 5

I'm not sured but i think so