Why Is My Federal Tax Refund So Low This Year Rob Wile The total amount refunded to taxpayers by the Internal Revenue Service to date this year is approximately 172 billion 16 4 billion less than in in
Money Why Your Tax Refund May Be Lower This Year The average tax refund in 2022 was 3 039 a 7 5 increase from the previous year though tax experts expect refunds to decrease There are several reasons your tax refund could look different in 2023 based on your 2022 tax filing and the Internal Revenue Service IRS gov laid out a few of
Why Is My Federal Tax Refund So Low This Year
Why Is My Federal Tax Refund So Low This Year
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Taxes 2019 Why Is My Refund Smaller This Year
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Key Points If you re banking on a tax refund be aware it may be smaller than last year s payment according to the IRS Typically you can expect a federal 1 The standard deduction for 2022 is higher It s typical for the standard deduction to increase a little each year along with the rate of inflation For your 2022 tax return the standard
Image credit Getty Images By Erin Bendig published February 22 2023 For months the IRS has warned taxpayers that federal income tax refunds could be This tax filing season may hold some surprises for your wallet Your refund or tax bill may be very different than it was last year Here s why
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If you re wondering Why is my tax refund so low in 2022 there is something behind it One big reason for many is that much of the pandemic related relief programs for families and individuals are no longer But here s the thing Last year s big refunds had a lot to do with special pandemic era policies namely the expanded child tax credit and stimulus check
You may receive a lower refund because there was no stimulus payment in 2022 and there s a less generous tax deduction for charitable gifts the IRS said 10 000 The child tax credit available to working parents who meet certain income and other rules provided as much as 3 600 per child in 2021 About 61 million children
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Rob Wile The total amount refunded to taxpayers by the Internal Revenue Service to date this year is approximately 172 billion 16 4 billion less than in in
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Money Why Your Tax Refund May Be Lower This Year The average tax refund in 2022 was 3 039 a 7 5 increase from the previous year though tax experts expect refunds to decrease
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Why Is My Federal Tax Refund So Low This Year - Image credit Getty Images By Erin Bendig published February 22 2023 For months the IRS has warned taxpayers that federal income tax refunds could be
