Once you clear cache/cookies if nothing changes then revisit your Wages & Income section and make sure your income items and your federal withholding were all inputted correctly. A dollar amount mistyped can have a big impact on your refund.
The situations below are some of the most common reasons why you might be getting less money than you expected. For example, did you:
- Adjust your withholding to maximize your take home pay
- Receive unemployment benefits, but didn’t have taxes withheld
- Earn little or no income, and didn’t qualify for the Earned Income Credit (unfortunately, unemployment doesn't count as earned income)
- Complete a W-4, which more closely matches your tax liability
- Sell stock
- Take an early withdrawal from your retirement account
- Pay less tuition due to school closures, so you can’t deduct as much
.
To maximize your refund next year, invest, and/or pay taxes you might owe, consider some of these options:
- Amend your W-4 to increase the amount of withholdings for a higher refund next year; or
- Instead of withholding more, put that same amount into a savings account, an IRA, or other tax-sheltered vehicles
Below is a helpful guide regarding changes in refunds compared to the prior year.
Why did my refund go down
@derprotax
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