Sunday, February 5, 2023

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

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  • 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.
  • 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.

The average refund for the 2022 filing season was $3,176 as of Oct. 28, according to the IRS, up nearly 14% from $2,791 in 2021.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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