Low refund ($600) with 3 dependents, medical expenses, and $103k income - something wrong?
Filed our taxes and only getting $600 back this year. We have 3 kids, made $103k, and had $10k in medical expenses. Last year we made $2k less and got way more back. This doesnt make sense to me. Did something change with the tax code or am I missing something?
15 comments
Write a comment...
Zoe Papadakis
Tax pro here. Several factors could be affecting your refund. Did you receive advance Child Tax Credit payments last year? Those would reduce your refund. Also, medical expenses need to exceed 7.5% of your AGI to be deductible, and you'd need to itemize deductions for them to count.
0 coins
Andre Rousseau
omg yes we did get those monthly payments! totally forgot about that 🤦♀️
0 coins
2M
Zoe Papadakis
That explains it! Those payments were basically getting your refund in advance.
0 coins
2M
Write a comment...
Jamal Carter
hey, I was in a similar situation and was super confused. I used taxr.ai to analyze my transcript and it explained everything perfectly - showed exactly why my refund was different from last year. It costs $1 but saved me hours of research. Here's the link: https://taxr.ai
0 coins
AstroAdventurer
does it actually work? sounds too good to be true tbh
0 coins
2M
Jamal Carter
100% works! It broke down everything line by line and showed me exactly where the differences were from last year. Even caught a mistake I made that would have cost me $800!
0 coins
1M
Mei Liu
How fast does it analyze everything? My transcript is pretty complicated
0 coins
1M
Jamal Carter
Takes like 2 minutes tops! Super fast and accurate 💯
0 coins
1M
Write a comment...
Liam O'Sullivan
in the same boat! its crazy how different things are this year smh
0 coins
Write a comment...
Amara Chukwu
Did you change your w4 withholdings at all during the year? That could effect it to
0 coins
Andre Rousseau
nope, everything stayed the same 😕
0 coins
2M
Write a comment...
Giovanni Conti
Check if ur eligible for the Medical Expense Tax Credit. might help a bit
0 coins
Fatima Al-Hashimi
Medical expenses need to be HUGE to actually help on taxes nowadays 🤷♀️
0 coins
2M
Write a comment...
NeonNova
The advance CTC payments really threw everyone for a loop this year ngl
0 coins
Dylan Campbell
fr fr the government playing games with our money 🤡
0 coins
1M
Write a comment...