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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
If your income was so much less in 2017, then you had less withheld. So there is not much from which to get a refund. And if you are getting earned income credit (???) it will be much less since it is calculated based on how much you earned from working. You did not have enough income to itemize deductions.
**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.**
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
If your income was so much less in 2017, then you had less withheld. So there is not much from which to get a refund. And if you are getting earned income credit (???) it will be much less since it is calculated based on how much you earned from working. You did not have enough income to itemize deductions.
**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.**
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
Did you have any other type of income in 2017, such as sick pay or disability benefits?
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
Thank you @xmasbaby0 . Is there a way to elect not to get the earned income credit?
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
No. If you qualify for EIC the software program will calculate it and add it automatically to your refund. Even if you could take it off, the IRS would add it back on again if it appeared to the IRS that you qualified.
**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.**
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Why did my refund drop to $300? I made $22k in 2016 and $4,500 in 2017 (illness). I was informed my new refund is $300, despite $4,500 mortgage interest deduction.
Why wouldn't you want it? If you have a moral objection, you can donate it to charity.