Jan 30, 2023

IRS: Some refunds will be smaller this year

Posted Jan 30, 2023 9:00 AM

Hutch Post

HUTCHINSON, Kan. — Michael Devine with the IRS reminds us that you might not get as big of a tax refund this year as you did last year.

"The last two years, there was an above the line charitable deduction you could take for $300 or $600 if you were married, that's gone," Devine said. "Some tax credits return to 2019 levels. Those would include the Child Tax Credit, which has gone down, the Child Independent Care Credit, which has gone down and the Earned Income Tax Credit for most families that have children, it's going to go up a little bit."

But, the EITC is one of two credits that will delay your getting your money back slightly.

"That's the Earned Income Tax Credit and the Additional Child Tax Credit," Devine said. "There was a law passed in 2005 that said the IRS had more time to look at returns that claimed those two credits before we actually had to issue the refund. If you are going to claim one of those two, the EITC or ACTC, the IRS will not make that refund available until at least Feb. 15."

Most refunds will be issued in less than 21 days if you file electronically and it's still worth filing even if you don't have to, in a lot of cases.

"If you made $13,000 or $26,000 if you're married filing jointly, you're probably required to file a return," Devine said. "Just because you don't reach those levels doesn't mean you shouldn't file a tax return, because you may be eligible for a credit like Earned Income Tax Credit."

That credit is refundable, which means any amount of the credit above your tax liability can come to you in a check.

For more information on how to file for free, go to irs.gov.

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