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Why is every ones tax refund so small this year?
Mine was only 10 percent of what it usually is! And others now are saying the same thing. So why is everyone getting such a tiny refund this time?
What the heck did biden do?
I was not on unemployment. I worked this year
and what of others who all got less?
ok thank you!
Is that why people did not get that EIC deduction for the first time as well? that hurt! Thanks!
- Patrick9Lv 61 month agoFavourite answer
President Trump gave us all a tax break so enjoy your money as biden like obama will steal all of it away from us!
- random_manLv 72 weeks ago
The Biden administration, and more specifically, the new Congress, hasn't passed any tax changes so far.
Moreover, any tax changes that were passed would likely not take effect until you file your 2021 taxes.
If your taxes went up, blame Trump. My taxes increased after the "Tax Cuts and Jobs Act" as well.
p.s. The size of your refund is a poor way to gauge how much you're paying taxes.
- STEVEN FLv 71 month ago
My refund is ALWAYS small, because I INTENTIONALLY adjust my W-4 to match my withholding to my actual tax liability.
A refund means you PREPAID too much.
The Trump tax cuts not only reduced your actual tax liability, it also reduced withholding, increasing your take home pay in every check
- RitaLv 61 month ago
Due to withholding changes in early 2018, some taxpayers began receiving larger paychecks, meaning they were paying less in tax as the year went on. For those taxpayers, that change could result in a smaller tax refund than expected—even if they paid less in tax overall.Source(s): https://gulfvaping.com/
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- SlickterpLv 71 month ago
Biden did nothing. He has no effect on taxes for a year in which he was not POTUS.
- ?Lv 71 month ago
Biden has nothing to do with your 2020 taxes. They were all under Trump's watch. Tax withholding tables were lowered in February 2020, so less income tax was withheld. Many people didn't have enough withholding taken from their unemployment and they made more money than they ever had before. Some who receive EIC didn't know they could use their 2019 earned income (if it was higher than 2020) to get a higher credit.
- StephenWeinsteinLv 71 month ago
Biden had nothing to do with this. Trump did.
Withholding was decreased for part of 2020, so you got more in your paychecks and less now. You got the same amount in total, or even more than normal; you just got it sooner than normal. And, again, the law requiring this was signed by Donald Trump before Biden became President, and Biden could not have stopped even if he wanted to, because Trump signed a law requiring that it happen.
- CarVolunteerLv 61 month ago
The withholding tables were changed to make the withholding more nearly match the actual tax due. The old tables of over withheld. The new tables changed so that people had less withheld (and therefore bigger paychecks). With less witheld but the same tax, there is a smaller refund. In effect, you were getting most of your "refund" every time you got paid last year.
- mindcrime828Lv 71 month ago
Withholding tables were adjusted with the changes in the tax laws late 2019-early 2020. That resulted in less money being withheld from most people's paychecks during the year. So less withheld resulted in a lower amount overpaid, and thus a lower refund.
- Anonymous1 month ago
First of all, a tax refund is based on how much someone overpaid their tax liability. It is not a set amount and it will vary from year to year. For people who spent much of their year on unemployment, that change in income can make a HUGE difference in their tax return.
Next, Biden did NOT take office until January 17th.
All of the laws, rules, and changes that affect this year's tax return was done BEFORE he took office.
If you want someone to blame - you are looking at the wrong president.
I am not actually defending Biden. I really don't like Biden or Trump. Both were bad choices. But whatever issues people think they have with this year's tax refunds - the blame goes to Trump and not Biden.