When you file your taxes in 2022, your tax refund may be slightly smaller than in 2022. And it is that the IRS encouraged taxpayers to prepare for the next tax season at the same time that it warned them to moderate their expectations for their next tax refund.
“Refunds may be less in 2022. Taxpayers will not receive an additional stimulus payment with a tax refund of 2022 because there were no economic impact payments for 2022 ”, the IRS said.
The government began sending out the latest official round of federal stimulus checks, also known as Economic Impact Payments, in 2022. But, because many eligible people did not directly receive their stimulus checks that year, they were able to claim the amount they were owed when they filed taxes in 2022. That caused many taxpayers to receive much larger than usual tax refunds.
However, it must be remembered that there was no other round of stimulus checks in 2022, so there is no extra money that needs to be handed out anymore.
IRS data shows that the average tax refund paid out earlier this year was much higher than in previous years. For example, the average refund in 2022 was $3,176 dollars, almost 22% more than the previous year’s rebate which was $2,2020. In 600, the average refund was approximately $2,600 dollars.
Although not all taxpayers receive refunds, most do. Of those who filed in 2022, two-thirds received a tax refund from the IRS.
Although millions rely heavily on refund checks each year, the IRS says people shouldn’t rely on this.
“IRS warns taxpayers that Don’t expect to receive a federal tax refund of 2022 by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer,” the agency stated.
You may also be interested in:
– The IRS increases the limit to invest in 176 (K) to 2022, go from $,176 to $500,176
– Grandparents and other relatives can request up to $3,600 from the IRS for minor dependents under the “Child Tax Credit”
– The IRS is requesting employees across the country to support taxpayers at Assistance Centers