Why Your Tax Refund Is Probably Smaller This Year Than Last

Mar 10, 2023 · The size of your tax refund will be based on how much you overpaid in taxes for the 2022 calendar year, which depends on how much you elected to have withheld from paychecks, your eligibility for tax credits, the amount of deductions you can claim and other …

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FAQs about Why Your Tax Refund Is Probably Smaller This Year Than Last Coupon?

Could tax refunds be smaller than last year?

It could be smaller than last year. And with inflation still high, that money won’t go as far as it did a year ago. The more than 100 million taxpayers who have had their returns processed as of April 7 got refunds that were an average of 9.3% less than last year, in part due to pandemic relief programs expiring. ...

What if my tax refund is small?

(Results may vary and are not guaranteed.) If your tax refund was smaller than you anticipated it would be this year, you might be feeling a bit defeated. If you still haven’t filed yet, be aware that your refund may not be as large as it normally is. ...

Are more taxpayers getting tax refunds than owing money?

And while the average refund amount is lower so far this year, a larger share of taxpayers appear to be getting refunds as opposed to owing money on their taxes. ...

How much is a tax refund compared to last year?

Tax experts can also give you advice about making contributions to a retirement plan to reduce your taxable income, which can increase the size of your refund. So far this filing season, the average refund amount is about 11% lower than last year. The typical refund is coming in at $3,079. ...

Are Americans getting smaller tax refunds in 2024?

Americans -- on average -- are receiving smaller tax refunds so far in 2024. The average refund issued through Feb. 2 totaled $1,395, the IRS said in a release. Last year at this time, refunds averaged $1,963. What does it mean? Maybe nothing. Tax season started later this year: Jan. 29, compared to Jan. 23 in 2023. ...

Why did taxpayers get a big tax refund last year?

But here’s the thing: Last year's big refunds had a lot to do with special pandemic-era policies — namely, the expanded child tax credit and stimulus check payments that went out via refunds to people who hadn’t already received them for one reason or another. ...