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It's possible, although sometimes a small increase in your 2016 income may have reduced – even eliminated – some deductions and credits you got on your 2015 return, not to mention putting you in a higher tax bracket.
Strangely enough, an income decrease can sometimes reduce your refund. One example is losing the Earned Income Credit (EIC) because you didn't have any earned income this year, which you need to qualify for the EIC.
Without examining your return, it's impossible to say exactly what caused your refund to decrease. However, there's a high probability that at least one reason is listed below.
If your refund is wildly off, you may want to check for a typo. An extra digit here, a missing number there, or something as insignificant as a misplaced decimal point can affect your refund.
The surest way to see is to compare your last year return with the current year, line by line. Here are some things to compare:
Here are some other that may or may not apply to your situation:
Changes in your income or tax rate
Loss of credits or deductions
You can read more here: https://ttlc.intuit.com/questions/1901008
It's possible, although sometimes a small increase in your 2016 income may have reduced – even eliminated – some deductions and credits you got on your 2015 return, not to mention putting you in a higher tax bracket.
Strangely enough, an income decrease can sometimes reduce your refund. One example is losing the Earned Income Credit (EIC) because you didn't have any earned income this year, which you need to qualify for the EIC.
Without examining your return, it's impossible to say exactly what caused your refund to decrease. However, there's a high probability that at least one reason is listed below.
If your refund is wildly off, you may want to check for a typo. An extra digit here, a missing number there, or something as insignificant as a misplaced decimal point can affect your refund.
The surest way to see is to compare your last year return with the current year, line by line. Here are some things to compare:
Here are some other that may or may not apply to your situation:
Changes in your income or tax rate
Loss of credits or deductions
You can read more here: https://ttlc.intuit.com/questions/1901008
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