Many Americans have been left confused after getting a smaller-than-expected tax refund.
There are a few reasons why this might be the case.
Why is my tax return less than expected?
The most common reason that your tax refund is less than you expected is because you earned more last year than 2020. Read more about it here.
Another reason for a smaller refund could be because of the expanded Child Tax Credit.
This year tax refunds are about 19% less than last year. However, if you did receive the expanded Child Tax Credit, you probably got more than you realized. This is because half of the credit was given in advance.
The IRS has issued 29.7 million tax refunds. The average refund is around $3,473 this year.
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