Hey, tax fellas. I'm noticing an extreme drop in my refund this year compared to previous years, even though I'm making the same. At around $20,000 a year for the last few years, my refund was always around $150. This year--$4. And any way I estimate it, it's the same. Any clue as to why this would happen? Am I missing some great new tax break nobody told me about? I admit I am out of date on the latest tax news.
Thanks a bunch.

“ Any clue as to why this would happen?”---> This is one of the most frequently asked questions .Good for you; your tax refund should not be considered free money. If you do receive a large tax refund, you are essentially giving the government a tax-free loan. If you receive a large refund, then you need to lookat your exemptions you marked on your W4 to increase your exemptions on W4 so that you can reduce your refund amount. Lower withholdings or lower deductions from your income mean that you will have more taxable income, which means you get a lower refund.Form W-4 indicates the amount of federal income tax to be withheld from every paycheck.As you increase your exemptions on W4, your refund will decrease.
“Am I missing some great new tax break nobody told me about? I admit I am out of date on the latest tax news.”----->As I have no idea on your personal taxation/financial situation, I can’t tell. Perhaps, but NOT sure you may have lost some other credit you would have otherwise qualified for.