There are several reasons why your refund may be less this year (even if you made a similar amount of money).
You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)
These include:
- Calculation error. You should check your W-2's and make sure they were entered correctly.
- You worked multiple jobs. This often results in a lower refund because your withholding for each job is based on working only one job, therefore your withholding is not enough.
- You got a significant raise but did not increase your withholding. (You should adjust your Form W-4 when your pay changes significantly)
- You had a change in filing or marital status.
- You took an early withdrawal from a retirement account. This would have a penalty.
- Your child's age no longer qualifies you for the Credit for Other Dependents or the Child Tax Credit
- You paid off your mortgage and no longer have the deduction for mortgage interest
- You paid off student debt so you no longer have the interest deduction
- You had less medical expenses
- You had a change in filing status
- The tax brackets changed in 2024 due to inflation, which may pushed you up to a new higher tax bracket
Click here for "Why did my refund go down compared to last year's?"
Click here for "How do I update and print a new W-4?"
Click here for "Why Is My Tax Refund Lower Than Expected?
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