No one can tell you why since we cannot see your return but you should review it carefully and look for the side by side comparison worksheet to see where the differences are but most likely you are experiencing the "refund whiplash" due to the changes in the tax laws in regards to the CTC & EIC and the lack of any stimulus credits ... basically all the free money congress was handing out the last couple of years dried up.
Save a PDF with all the worksheets for the comparison :
- After the interview is open, click in the left menu column on TAX TOOLS, then PRINT CENTER.
- Then choose "Print, save, view this year's return."
- The next screen should offer some options: "Just my tax returns", or "include government worksheets (optional)", or "include government and TurboTax worksheets (optional.)"
https://www.cnet.com/personal-finance/taxes/avoid-refund-shock-how-these-10-changes-may-impact-your-...
Did you enter income earned from working?
If you did not work in 2022, you will not receive an income tax refund based on having dependent children.
The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different. 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.
https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit
https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...
And for the Earned Income Credit—-the rules are back to the “old” rules—
those under 25 and over 65 without children are not eligible as they were uniquely in 2021. And you cannot use your income from any earlier tax year to get the EIC for a 2022 return. EIC for 2022 will be based on the income you earned by working in 2022.
https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
