Why is my federal refund amount way less than it should be? I don’t want to file my tax return because the amount is off. Anyone else having this issue?
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No one in this user forum can see your tax return or your screen. There were major tax law changes that began with the 2018 tax year that seem to continue to surprise some people. Personal exemptions of over $4000 per person were removed beginning with 2018 returns.
Was something different for 2021? Did you have less income due to the pandemic? Did you receive unemployment compensation? If so, did you have tax withheld from it?
There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc. You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 18? If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC) Are you 65 or older ? If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.
And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.
https://ttlc.intuit.com/questions/1901008-why-did-my-refund-go-down-compared-to-last-year-s
Print out 2020 and 2021 and compare them side by side to see what is different.
https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN
What makes you think it should be more. Not everyone gets a big refund (or a refund at all), especially if you have no dependents.
Another possibility: The first $10,200 of unemployment comp was not taxable for 2020. Not so for 2021.
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