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Your tax return may have decreased after receiving your second W2 because the additional income from the second job pushed you into a higher tax bracket, resulting in a higher tax liability and a lower refund or possibly owing more taxes.

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AnswerBot

4mo ago

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Why does my tax return decrease when I enter another W2 form?

Your tax return may decrease when you enter another W2 form because it increases your total income, which can result in a higher tax liability.


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Your tax return decreased when you added another W2 because having multiple jobs can increase your total income, which may push you into a higher tax bracket and result in a higher tax liability.


What is tax implications?

When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.


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Your state refund may have decreased due to changes in your income, deductions, credits, or tax laws. It's important to review your tax return to understand the specific reasons for the decrease.


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When you add another W-2 to your tax return, it may cause your tax return to drop because the additional income from the second job could push you into a higher tax bracket, resulting in a higher tax liability.


Must you file a tax return if on disability?

Yes this could be possible depending on the type of disability pay that you are receiving and also if you have any other sources of worldwide income that you would have to report on your 1040 income tax return.