Please help! My "New" TT refund estimate after my fed return was accepted is $8k less than expected?

[blenicia]

So I'm a little distraught over this. My original TT estimate when I filed (2/6) was $10,688. I am married filing jointly and have two children under 5 years old. My family income from last year was barely over $16k. I also sold a bunch of crypto last year for losses over $20k. So I was expecting around that $10k figure. So today I go to TT and see that my fed return was accepted and my new refund estimate is $2549 with a release date of 2/27. Neither WMR nor the IRS phone line reflects that my return has been anything other than accepted/received. I was a little concerned that my crypto filing might have been a little off, but there is no question I lost money and that most of the crypto I sold were long term holds. Does anyone have any idea what could be going on here?

[fanfare]

$3,000 is the most you can write off for crypto losses, the rest carries forward for future tax years.

@blenicia 

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Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

[HopeS]

The $20k capital loss from your crypto is limited to $3k per year for married filing jointly. You will have $17k of capital loss to carryover to future years until the loss is all used up.

You can print your return and review the return by the following steps:

1. Sign in to your TurboTax account and open your return by selecting Continue or Pick up where you left off
2. Select Tax Tools from the left menu, then Print Center (on mobile devices, tap in the upper left corner to expand the menu)
3. Select Print, save, or preview this year's return, and follow any additional instructions
4. Once your PDF opens in Adobe Acrobat Reader, select the printer icon near the top

If you made any mistakes in your inputs, you can file an Amended return on February 23rd when the IRS releases the Form 1040X forms.

@blenicia 

[blenicia]

Thanks to both of you for your replies. Most of that I was aware of. Can I ask you another question? Does this new estimate come from the IRS? Is it reliable? The IRS is still showing only "received" not "refund approved." A drop that high just doesn't make any sense to me. I couldn't owe anything, and I have two kids under 5.