Americans are getting a double-dose of bad news this tax season: Millions of people due for tax refunds this year are typically getting less money back, while the share of taxpayers who owe the IRS is rising.
they expect to owe money on their federal tax returns this year, up three percentage points from the previous tax year, according to a survey of more than 2,200 participants by CivicScience. The main reasons for the decline: the expiration of government pandemic tax benefits, such as stimulus checks, the expanded Child Tax Care credit and other generous tax rebates.
"The stuff put into place in the prior years for the pandemic — the CTC, dependent credit, earned income tax credit if you're single, and other benefits — they really juiced up the tax credits last year," Steber said."Now that's reverted." He added,"A lot of people used last year as a roadmap for what they should expect. Any deviation from that is sure to disappoint."
To be sure, millions of Americans have yet to file their taxes. The IRS said it expects about 168 million tax returns to be filed this year for the 2022 tax year; as of April 7, the agency said it has received about 101 million filings.
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