Changes you’ll see on your 2022 taxes

IRS(AP Photo/Patrick Semansky)
Published: Jan. 10, 2023 at 9:29 AM CST
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SPRINGFIELD, Mo. (KY3) - As you prepare your tax return, the IRS says not to expect it to look like last year’s. Tax filers in 2023 could see a smaller federal tax refund for several reasons including the expired credits that were given to households during the pandemic.

There were no stimulus checks in 2022, so you won’t see a credit for that.

Also tax credits that got a boost over the last few years have returned back to their pre-pandemic amount.

“The biggest changes really comes down to those child tax credits and the dependent care deduction. those two are big ones for families, and they could see people’s taxes swing $5000 or $10,000, depending on how big their family is, and what their income brackets were.” - Robert Farrington, The College Investor

The child tax credit was up to $3,000 or $3,600 last year (depending on the age of your child). It is now $2,000 per child.

The earned income tax credit also dropped back to $500 for people with no children or a maximum of $7,430 for families with 3 or more kids.

You may receive a new form, a 1099-K for transactions over $600 on 3rd party transactions that you may commonly do through vendors like Venmo or Paypal.

The good news is, however, tax brackets are changing, due to inflation. They went up about 7% so, if your pay didn’t change much last year you might actually go down a tax bracket.

The standard deduction went up by $900 for single filers and $1,800 for married couples.

The threshold for capital gains went up a little as well so taxpayers who made a profit on certain sales, like the sale of the home, may not have to pay a capital gains tax, or may pay less of a tax.

In both Missouri and Arkansas, the individual tax rates dropped this year.

There were also changes to taxes and deductions for estates, charitable donations, health savings accounts and adoption.

Once you file your taxes, when you’ll receive the refund depends on several factors, but overall, the timeline should be about the same as in previous years.

“90% of taxpayers get their refunds back in 21 days. If you do have certain tax credits, such as the child tax credit, or the earned income tax credit, you actually can’t even get your tax refund back until February 15, or later due to federal law.” - Robert Farrington, The College Investor

However, there are some things you can do to get your refund back as quickly as possible:

- Before you submit it, double check it to make sure there are no mistakes. if the IRS sends it back that will delay your refund.

- Select direct deposit as your return method. Be very careful to get the bank account information right. it’s difficult, and sometimes impossible, to get back a tax return that’s sent to the wrong account.

As of November, the IRS was still processing 10 million backlogged tax returns so that may impact your timeline but the earlier you file, the earlier you will likely see your return.

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