Summary
Some Americans might get lower tax refunds this year despite the average increase due to President Donald Trump's new tax cuts. This can happen because of individual financial situations and new tax rules. People with multiple income sources or those who didn't update their tax information with employers might face smaller refunds.
Key Facts
- The average tax refund will increase by about $1,000 per household.
- More than 100 million households are expected to get a tax refund.
- On average, families with two children will receive a $1,700 tax cut thanks to an enhanced child tax credit.
- Those with raises, multiple jobs, or changes in personal circumstances might get lower refunds.
- People who have sold homes or changed their marital status may also see changes in their tax refunds.
- The State and Local Tax (SALT) deduction cap increased, aiding some high-income taxpayers.
- Those with multiple income sources might pay more tax due to incorrect withholding.
