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More often than not, you'll see your refund go down after entering a second W-2 (or subsequent W-2’s). This is very common and nothing to be concerned about.
When you first start your return in TurboTax, we've already applied your standard deduction and personal exemption, which means many people will see an artificially high refund after entering that first W-2.
See Why Did My Refund Drop When I Entered a Second W-2?
In addition:
Your additional W-2 may be under withheld
More income could push you into a higher tax bracket.
More income could eliminate or reduce your eligibility for certain lower income credits like EIC and Child Tax Credit.
The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your personal information including all income and deductions
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