IRS Where's My Refund? Updates Calendar for 2023 IRS Transcript and the Where's My Refund? Updates…
It’s highly likely your tax refund will be smaller in 2023, the Internal Revenue Service is warning, as pandemic-era programs continue to expire.
Some tax credits that boosted refund bottom lines since 2020 are returning to 2019 levels. This means affected taxpayers will likely receive a “significantly smaller refund” compared to the previous tax years. The changes mostly involve the Child Tax Credit, Earned Income Tax Credit, and Child and Dependent Care Credit, as well as deductions allowed for charitable contributions.
Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022. In addition, taxpayers who don’t itemize and take the standard deduction, won’t be able to deduct their charitable contributions.
Many tax refunds may not be as large as they were last year due to changes in tax rules and the end of the stimulus package.
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