Tax Refunds Lower Due To Withholding Changes

02/27/19 – 5:21 P.M.

Tax refunds are averaging about 17% less than they have in previous years. H&R Block senior tax advisor Andrew Wagner joined us on WFIN to talk about the issue. He said that tax withholding is to blame.

Wagner said that around 80% of people filing taxes did not update their tax withholdings. He said that this will lower your refund and in some cases could mean you owe money.

He advised that you should speak with a tax professional to try and remedy the issue for next year.