The IRS is warning taxpayers at the opening of the 2023 tax filing season that they should expect smaller refunds due to pandemic relief measures that have been allowed to expire.
A big reason is that there were no stimulus payments from the government to people to help get them through the pandemic in 2022. The last stimulus payments went out in 2021.
Millions received those stimulus payments as a recovery rebate credit that was effectively given as a tax refund. Millions more received help through the pandemic through an expanded child tax credit (CTC) that many progressives saw as an effective and important social safety net. That credit was allowed to expire by Congress at the end of 2021.
Why the IRS says to expect smaller tax refunds this year
- by: Tobias Burns
- 01-25-2023
- Source:
The Hill
- 01/26/2023
One hundred dollars, detailed dollar banknote by engin akyurt is licensed under Unsplash unsplash.com
One hundred dollars, detailed dollar banknote by engin akyurt is licensed under Unsplash unsplash.com
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