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Do you get less of a refund the more you make?

Depending on what amount of income and which credits you specify on the W-4, the more or less tax will be withheld. Having less taken out will give you bigger paychecks, but a smaller tax refund (or potentially no tax refund and a tax bill at the end of the year).

turbotax.intuit.com - Ways to Increase Your Tax Refund You Never Thought About - TurboTax

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OVERVIEW

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.

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Key Takeaways • Choosing the filing status that best matches your situation can lower your taxes and increase your refund. • You can use a W-4 Withholding Calculator to help you estimate what you should enter on your W-4 and adjust the amount that you can expect as a refund when you prepare your taxes. • Claiming the Earned Income Tax Credit if you are eligible can decrease the amount of taxes you owe and may get you a tax refund even if you don’t owe any tax.

Review your W-4: Bigger refund or bigger paycheck?

When you start a job, your employer asks you to complete Form W-4. This tells your employer how much federal income tax to withhold from your paycheck. Depending on what amount of income and which credits you specify on the W-4, the more or less tax will be withheld. Having less taken out will give you bigger paychecks, but a smaller tax refund (or potentially no tax refund and a tax bill at the end of the year).

Factors to consider when completing your W-4 include:

Claiming credits such as the Child Tax Credit and the Other Dependent Credit will decrease the amount of your withholding

Any additional income tax you would like withheld from each paycheck

Specifying more income on your W-4 will mean smaller paychecks, since more tax will be withheld. This increases your chances of over-withholding, which can lead to a bigger tax refund. That’s why it’s called a “refund:” you are just getting money back that you overpaid to the IRS during the year. By stating that you will be getting certain credits or deductions will mean bigger paychecks and likely a smaller refund (or perhaps owe some additional tax). You can use a W-4 Withholding Calculator to help you estimate what you should enter on your W-4.

Revisit your filing status

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What is a normal tax return amount?

The average refund is $3,039.

irs.gov - Filing Season Statistics for Week Ending May 20, 2022 - IRS

2022 FILING SEASON STATISTICS

Cumulative statistics comparing May 21, 2021, and May 20, 2022

IRS Statement:

With the conclusion of the filing season, the IRS has delivered more than 96 million refunds worth more than $292 billion as of May 20. The average refund is $3,039. (Note: The filing deadline in 2022 is April 18, 2022; on March 29, 2021, the IRS announced that the filing deadline was extended to May 17,2021. The 2021 Filing Season began February 12, 2021; the 2022 Filing Season began January 24, 2022.) Individual Income Tax Returns: 2021 2022 % Change Total Returns Received 148,012,000 145,372,000 -1.8 Total Returns Processed 135,773,000 140,618,000 3.6 E-filing Receipts: TOTAL (may not equal subtotals due to rounding.) 138,563,000 137,177,000 -1.0 Tax Professionals 74,195,000 73,356,000 -1.1 Self-prepared 64,368,000 63,820,000 -0.9 Web Usage: Visits to IRS.gov 1,372,697,000 679,249,000 -50.5 Total Refunds [1]: Number 95,632,000 96,274,000 0.7 Amount $270.345 Billion $292.542 Billion 8.2 Average refund $2,827 $3,039 7.5 Direct Deposit Refunds [2]: Number 87,045,000 90,527,000 4.0 Amount $252.374 Billion $282.529 Billion 11.9 Average refund $2,899 $3,121 7.6

[1] Total Refunds includes refunds for returns received in 2022.

[2] Direct Deposit Refunds includes refunds for returns received in the prior year or the current year but processed in 2022 requesting a direct deposit.

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