The Internal Revenue Service warned that tax refunds could be smaller in 2023 due to a lack of stimulus checks delivered by the federal government this year.
The agency also noted that a pandemic-era exception in 2020 and 2021 that allowed individuals taking the standard deduction to claim a tax deduction of up to $300 for cash donations has expired.
"The IRS cautions taxpayers not to rely on receiving a 2022 federal tax refund by a certain date, especially when making major purchases or paying bills," the agency said. "Some returns may require additional review and may take longer." That can be concerning to millions of Americans who depend on the influx of money from Uncle Sam to make major purchases, save for retirement or pay off debt. In 2022, nearly half – 46% – of taxpayers said they relied on their refund to help cushion their finances, according to a LendingTree survey.
The news from the IRS comes as some Americans are still waiting to receive their refunds from the 2021 tax year. received this year, including 1.7 million returns requiring error correction or other special handling and an additional 2 million that are paper returns waiting to be reviewed and processed.
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