2024 Tax Refund WAY Lower Than Last Year - No Income Changes - What's Going On?
I just got my refund amount calculated and im shocked. Last year I got back $3200, this year only $780. Nothing changed with my income or deductions, same job, same everything. Single no dependents. Anyone else seeing huge drops in their refund amount this year?
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Yara Haddad
Tax professional here. This is actually pretty common for 2024 returns. Several tax credits that were expanded during COVID have returned to pre-pandemic levels. The Child Tax Credit, Earned Income Credit, and Child/Dependent Care Credit all decreased. Also, many people had less tax withheld from their paychecks in 2023 due to IRS withholding table adjustments.
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Connor Murphy
But I dont have any kids or dependents. Why would mine change so much?
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Yara Haddad
Could be the withholding tables. Your employer might have withheld less taxes throughout the year, meaning you got more in each paycheck but less refund.
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Keisha Robinson
Hey guys instead of guessing, I used taxr.ai to analyze my transcript and it explained exactly why my refund dropped. It costs $4.99 but totally worth it - showed me all the changes from last year and even suggested how to adjust my w4 for next year. Check it out: https://taxr.ai
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Paolo Conti
Is this legit? Seems too good to be true 🤔
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Keisha Robinson
100% legit! It basically uses AI to read your transcript and compare it to previous years. Saved me hours of research
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Amina Sow
Just tried it - holy cow this thing is amazing! Shows exactly where the differences are year over year 💯
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GalaxyGazer
same boat my guy. went from 2800 to 650 this year im literally shaking rn 😤
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Oliver Wagner
Did you check your W-4? Might need to update it if u want a bigger refund next year
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Connor Murphy
how do i even do that lol
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Oliver Wagner
ask ur HR department they usually have forms
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Natasha Kuznetsova
Remember a smaller refund isnt always bad - means u had more money in ur paychecks throughout the year instead of giving govt an interest free loan 🤷♂️
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Javier Mendoza
facts 💯 but some ppl like the forced savings
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Emma Thompson
bruh the irs be playing games fr fr 🤡
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