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marymonty
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My income was 2,000 dollars lower this year and my refund this year is only half of what I received last year, why?

The only difference in my tax information was my income, it went down $2,000 dollars. Last years return showed I paid more taxes. (like around 3,000, this year about half of that). I know that will effect the outcome, but doesn't seem right..

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1 Reply

My income was 2,000 dollars lower this year and my refund this year is only half of what I received last year, why?

OK your income dropped by $2,000 and the taxes you paid in went down by $1,500.

I would expect your refund to drop due to this.

However they only way to really compare the two years, is to look at them both side by side and compare the:

Income

Filing Status

Dependents

Credits (earned income, child tax credit etc)

Income tax

Taxes withheld.

This will give you a clearer picture of the changes.

In addition to this for 2018 there are many changes in the tax law, as the standard deduction changed, personal exemptions are gone, tax rates have decreased and credits have changed.

See for more detail:  https://ttlc.intuit.com/replies/6971774


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