Unfortunately, there is no part of a w-2 that informs you as to how much you will receive as a tax refund. The amount you'll receive depends on a couple of things:
1) Your wages which would be in box 1
2) The amount of federal withholding which would be in box 2
If you're preparing your own return you will take your total income (adjusted gross income) and subtract the standard deduction amount (depends on your filing status) the government gives you.
You would take the result and look up in the tax table as to how much you owe. If the amount you owe is less than your federal taxes withheld from Box 2 of your w-2, then you'll get a refund of what ever the difference was.
Example: Say your total adjusted gross income was $25,000 and you're a single filer. The standard deduction for a single filer is $8950.
You subtract the $8950 from your adjusted gross income of $25,000. That would be $16,050. You take that amount and look up the tax owed in the Federal tax table for a single filer. If that amount is greater than the amount in Box 2 (federal withheld) then you owe Uncle Sam. If the amount is less, you'll receive a refund.
· 1 decade ago