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Why is my Federal return so much lower this year than any other year, when most of it is in similar amounts?

 
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2 Replies

Why is my Federal return so much lower this year than any other year, when most of it is in similar amounts?

We cannot see your screen, your return or your account.  Have you entered ALL of your 2024 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 of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...

 

Print out 2023  and 2024  and compare them side by side to see what is different. 

 

 

https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN

 

**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.**
MayaD
Expert Alumni

Why is my Federal return so much lower this year than any other year, when most of it is in similar amounts?

There are many reasons that your refund could be less than what you expected, such as:

 

  • You did not qualified for the full amount of the Child Tax Credit. 
  • You changed your Filing Status.
  • You didn't qualify for the Earned Income credit
  • Your income increased in 2024 but you didn't adjust your W-4 form. 
  • Received Unemployment income or self employment income and didn't have any taxes withheld from that income. 

Make sure all taxes withheld from your W-2 and 1099 forms are entered correctly. I also recommend that you do a line by line comparison with last year's return to see wat have changed. 

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