IRS Says You Should Expect Smaller Refunds This Year

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Millions of Americans may be getting smaller tax refunds – or none at all – this year. 

The IRS says that's because a new W-4 Form went into effect in 2020. Officials say the new withholding form was intended to "more accurately reflect people's tax liabilities" and, yes, to minimize refunds. 

So, if your take-home paycheck was slightly bigger last year, it may be at the expense of your refund this year. 

SourceTurboTax


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