50% of taxpayers worry tax refunds will be smaller this year Via ForbesAdvisor
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.The 2022 tax filing season has begun, and a stretched-thin IRS has already warned Americans that they should be patient as it processes returns.
Scherler says that filing a tax return is confusing for many, and it generates a lot of anxiety. “It’s generally because [taxpayers] are afraid to make a mistake. I think people are afraid of a ‘gotcha’ on the back end—‘What if I make a mistake and end up owing a bunch of money that I can’t pay?’” It’s still early in tax season, and it’s not immediately clear how the monthly CTC payments will affect tax refunds—but for some families, it may lead to a lower refund than what they’re used to getting.
Alongside the CTC, the Earned Income Tax Credit also got a boost for the 2021 tax year, to include low-income working adults as young as 19 and older than 65 rather than limiting the credit to childless workers aged 25 to 65. . In addition, recipients who had difficulty paying for health care spent more on their health care needs—particularly on medication and prescription drugs—after receiving payments.Overall, one in five surveyed expect federal aid programs from the pandemic to make the process of preparing and filing their taxes harder this year than last year.
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