If you worked more and made more income, it is possible that you are in a higher tax bracket. It is also possible that you lost credits due to a higher amount of income.
Additional reasons for decreased refunds are:
- Less income tax was taken out of your earnings
- You were in a higher tax bracket due to earning more money
- You child turned 17 and no longer eligible for the Child Tax Credit and are now receiving the Credit for Other Dependents
- You no longer qualified for the Earned Income Credit
- You paid off your student loan and cannot deduct any student loan interest
- You are no longer eligible for education credits
- You took on an additional job
- You sold investments
- You had a distribution from a 401k that was not related to Covid-19
- You had a change in filing status
If you would like to reevaluate your income tax withholdings, you could enter your information on the W-4 Withholding Calculator to get to your desired result for the next tax year.
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