We cannot see your tax return. You are asking for an explanation of your refund/tax due without providing enough information. We do not know if you have dependents, we do not know what kind of income you received, how much tax (if any) was withheld from that income, etc. etc.
Lots of tax laws changed. Those changes are resulting in lower refunds for lots of people.
There is no recovery rebate credit (stimulus $) for 2022. The childcare credit is less and is not refundable. The child tax credit is different and it is less. And for some people, earned income credit is different because there is no “lookback” to an earlier year. And the criteria for receiving EIC changed. Those are some of the reasons your refund may be less.
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 17? 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…..the child tax credit is very different for 2022 For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work. That is NOT the way it will work for your 2022 tax return. The “old” rules are back. The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1500. In order to get that credit, you have to have income from working. The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500. If your child is older than 16 at the end of 2022, you do not get the CTC. But you may still get the non-refundable $500 credit for other dependents instead.
And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...
Print out 2021 and 2022 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
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
