It depends. There are many reasons this could happen, from life changes to tax law changes. The best thing to do is to compare your current tax return with your prior year return to see exactly what's different. Use the link below to see your 1040 for 2022.
- Grab a copy of your 1040 from last year and let’s get started.
- After you Sign in to TurboTax,
- Click Pick up where you left off
- Select Tax Tools from the left menu
- Then Tools
- Next select View Tax Summary,
- then Preview My 1040 from the left menu
- First, look to see if you filing status changed this year? Your filing status will change if you got married or divorced, or if your spouse died.
- Then check your your dependents. Once your child reaches 17 years old, they no longer qualify for the “Child Tax Credit” and switch to the “Credit for Other Dependent” instead. Look to see which box is checked next to each dependent listed on your return.
- Now, take a look at your total income on line 9. Changes here can be significant from one year to the next as your work changes.
- Next, review line 12 to see if your deductions have changed. Each year, TurboTax calculates the best option for you. Either the Standard Deduction or itemized deductions, whichever is higher based on all the information you’ve entered.
- Now check your total tax on Line 24, to see if it's increased or decreased from last year.
- Also, look to see how your Federal Tax withholdings and estimated tax payments changed on lines 25d and 26.
- Lastly, review your total payments and refundable credits on line 33.
- Locating the lines where your tax return has changed, will help you better understand the exact reasons your refund is lower this year.
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