Yes. The biggest part of that refund is the Earned Income Credit (EIC). The basic EIC works on a "bell curve," rising as a worker's wages rise reaching a maximum when annual earnings are between $13,650 and $17850 (Single with 2 or 3 children 2014) and then declining gradually until it phases out altogether. If your income is on the up slope of the EIC curve more earned income will increase your EIC but if your income is on the down slope, more income (of any kind) will reduce you EIC.
Good Morning yes it will make it go down also depending on the age bracket if you have children all of these things play a big factor in your refund amount. I hope this helps you