I always get the same amount back of $2200. This year when I filed on Turbotax like I always do my refund was only gonna be $1400. I shrugged it off and went about my day. Now I got a letter in the mail saying that it got readjusted and I have to pay $60 in. Now how the hell do I go from a refund of $2200 every year for 8 years to owing $60? Nothing has changed in my filings.
Posted May 6, 2022, 2:59 PM UTC
Your "return" is the document you completed and gave to the IRS. Yes, stimulus checks affect your return - if you did not receive them you claim a credit which reduces your tax by the amount you didn't receive.
Your refund is the excess, if any, of the payments you already made over the tax you actually owe. No one can comment why your refund is smaller without knowing more about your income, tax, and payments and how they changed last year.
It's patently false that "nothing has changed" in your return - clearly at least one of the above differs by about $2,200.
Some common factors affecting recent tax returns:
If this is a STIMULUS CHECK or RECOVERY REBATE post, please read our megathread post.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Number 1) You claimed on your tax return that you had not received the $1400 stimulus and tried to claim the $1400 credit. On the other hand, the IRS shows that you had received it and they adjusted your refund to prevent you from getting it twice. In other words, you lied fibbed on your tax return.
Number 2) The new W4s that were released in early 2020 were designed to get taxpayers closer to breakeven at tax time. Many companies started using these new W4s in 2021 resulting in many taxpayers getting close to breakeven. This is a good thing.
If you compare your tax taxes withheld from your W2 from 2020 and 2021 my guess is that you will notice a drop in the withholding of ~$2200.
Literally impossible to answer with so little information.
It's like posters on here think we are magicians or something. But the OP saying "I always get the same amount back" shows they have no concept of what even is happening on the tax return.
I would still bet a beer OP "claimed 0 for the maximum tax return" and this got converted to proper withholding starting around Jan 2021, and then incorrectly claimed the recovery rebate credit.