Why am I receiving less refund this year?

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

My federal was approximately $950 for 2015. It is only $464 for 2016.

TurboTax Deluxe Online

Best answer by WillK

There are several factors that go in to determining the taxes an individual owes.

Your income could have increased which might have:

Put you in a higher tax bracket,

It could have reduced or eliminated some deductions or credits

The tax laws changing year to year will determine the amount of taxes that need to be paid as well.

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before.

To see what had changed between last year and this year, please print off your 2015 and 2016 return and compare them. This will help you determine what has changed.

Click here for more information:https://ttlc.intuit.com/replies/3301788

WillKAnswer

Level 14

There are several factors that go in to determining the taxes an individual owes.

Your income could have increased which might have:

Put you in a higher tax bracket,

It could have reduced or eliminated some deductions or credits

The tax laws changing year to year will determine the amount of taxes that need to be paid as well.

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before.

To see what had changed between last year and this year, please print off your 2015 and 2016 return and compare them. This will help you determine what has changed.

Click here for more information:https://ttlc.intuit.com/replies/3301788

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