Threee Reasons Your Tax Refund Might Be Smaller This Year

GOBankingRates' 2023 Taxes Survey found that many Americans do not expect a tax refund this year. Here's three reasons refunds will be smaller.

Less Flexibility for Low-Earning Taxpayers

The requirement was waived for 2020 and 2021, but those without earned income cannot qualify for many child-related tax credits this year.

Lower Credits

The expanded Child Tax Credit, Earned Income Tax Credit, and dependent care credit are all lower than in previous years.

Non-Refundable Credits

While many tax credits in 2020 and 2021 were temporarily refundable, they switched to non-refundable in 2022.