Maybe. Everyone is older. Maybe you are 65 or older and your standard deduction changed. Maybe you lost the child tax credit if a child is too old. And of course, 2020 and 2021 were unusual---now there are no recovery rebate credits or earned income lookbacks, or enhanced child tax credits. Or maybe you are making more money but not having more tax withheld---so you could get smaller refunds. There are a lot of variables.
We cannot see your screen, your return or your account. Have you entered ALL of your 2022 information? All your income, etc.? Many tax documents that you need do not arrive until late January or even February, so maybe you do not have it all there yet.
There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc. You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17? If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC) Are you 65 or older ? If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.
And…..the child tax credit is very different for 2022 For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work. That is NOT the way it will work for your 2022 tax return. The “old” rules are back. The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1500. In order to get that credit, you have to have income from working. The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500. If your child is older than 16 at the end of 2022, you do not get the CTC. But you may still get the non-refundable $500 credit for other dependents instead.
And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.
https://ttlc.intuit.com/questions/1901008-why-did-my-refund-go-down-compared-to-last-year-s
Print out 2021 and 2022 and compare them side by side to see what is different.
https://www.postbulletin.com/news/business/tax-preparers-warn-your-refund-may-be-smaller-than-usual/...
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
