Tax ‘refunds may be smaller in 2023,’ warns IRS. Here’s why

  • by:
  • Source: CNBC
  • 12/02/2022
If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS.  Typically, you get a federal refund when you’ve overpaid yearly taxes or withheld more than the amount you owe.

Your annual balance is based on taxable income, calculated by subtracting the greater of the standard or itemized deductions from adjusted gross income.

“Refunds may be smaller in 2023,” the IRS said in a November news release about preparing for the upcoming tax season. “Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022.”

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