There can be many things that would result in you getting a smaller refund than in the previous year. But much of the time when you make more money in the current year, you get a smaller refund because you got a raise during the year.
This can happen because you have less taxes taken out of you pay, percentage wise, when you make less money. So for part of the year you may have had a smaller percentage of tax withheld from your pay than later in the year when you made more money.
Also, your dependents may be the same, but their tax treatment may have changed due to their age. For instance, when your dependent's age changes form 16 to 17, you can lose $1,500 in tax credits from the child tax credit rules.
Please feel free to contact one of our agents if you have the TurboTax Live product by clicking on the help button in your program. An agent can help you compare your tax return this year to last year to see if we can identify specifically why your refund is less this year.
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