Will the 2018 tax law increase refund (all things being equal) to this year? Married, filing jointly, 4 children, claiming 0 on withholding.

[bowlman2330]

So, I got a really nice return this year.  My return is fairly standard.  Married, filing jointly, 4 children, standard deduction.  I know the standard deduction is increasing from 12,700 to 24,000 and double the child tax credit.  I had a really large return this year.  If all things were equal next year, would I actually get a better return?  Not sure if the extra deduction and child credits actually increase the return?  I know it reduces the tax liability, but since I overpay every year anyway, I was just wondering.  I apologize - I'm not super well-versed in taxes.

[TaxGuyBill]

Probably.  It will likely increase your refund.  However, there are a lot of variables, so it is difficult to give you a definite answer.

Also, in connection with the new law, your employer should be reducing the amount of taxes withheld from your paychecks.  That means that part of the new law's tax cuts will increase your paychecks, rather than increasing your refund.  For example, let's say the new tax law will result in saving you $1000.  It may only increase your tax refund by $500 because your paychecks have increased $10 a week ($10 times 50 weeks=$500).