There could be a couple of reasons that you are getting back less this year then last year.
Back in 2018, the IRS reduced the amount withheld from employee paychecks so people had more take home money. This was done because the IRS did away with the personal exemption and increased the standard deduction. The net affect of this has lowered the amount of refunds realized by the taxpayer.
You may want to verify that you entered everything into TurboTax correctly by following these steps:
- Select Tax Tools on the left hand side of your screen,
- Select Tools,
- Select View Tax Summary,
- Select Preview my 1040 on the left hand side of your screen.
Also, you might want to file a new W-4 with the folks who your are receiving your retirement income from to make sure you are having enough withheld to pay your taxes. Here is a link to the IRS Withholding Estimator to assist you determine how much you should have withheld by your employer.
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