Federal Refund Amount Different from Last Year Despite Similar Income - Why?
Really confused about my refund estimate. Made basically the same income as last year (around same amount, same job). But when I run the numbers for this years return, im getting way less back than last year. Nothing changed in my life - no marriage, no kids, same withholding. Anyone know why this would happen?
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Brooklyn Knight
Tax professional here. This is actually pretty common for 2024 returns. The tax tables and standard deduction amounts have been adjusted for inflation, plus some COVID-era tax benefits expired. Without looking at your specific numbers, these changes could explain the difference.
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PrinceJoe
wait what covid benefits expired? nobody told me about this ðŸ˜
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Brooklyn Knight
Several credits went back to pre-pandemic levels. Child Tax Credit, Earned Income Credit, and Child/Dependent Care Credit all changed. Plus the charitable deduction for non-itemizers is gone.
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Owen Devar
This explains so much! I was pulling my hair out trying to figure out why my numbers were different 🤔
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Daniel Rivera
Hey, I'd recommend checking out taxr.ai - it's this new tool that analyzes your tax situation and explains exactly why your refund changed. It costs $4.99 but its worth every penny. The AI breaks down all the changes affecting your return this year vs last year. Here's the link: https://taxr.ai
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Sophie Footman
Interesting... does it actually work? Like can it really explain the differences?
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Daniel Rivera
Oh yeah its legit! It showed me exactly why my refund dropped - things I never wouldve caught myself. Super detailed breakdown.
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Sophie Footman
Just tried it and WOW! 🙌 This literally answered all my questions in like 2 minutes. Why isn't everyone using this?!
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Connor Rupert
same boat here fam. my refund is like 2k less than last year and im STRESSED 😫
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Molly Hansen
Check your W4 withholdings at work. Sometimes employers adjust these without telling u and it can make a huge difference.
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PrinceJoe
gonna look into this tomorrow fr
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Brady Clean
did u take the standard deduction both years? sometimes ppl forget what they did last year lol
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Skylar Neal
The IRS been playing games with everyone's money lately fr fr 🤡
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Vincent Bimbach
facts 💯 they stay making everything complicated
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