Your next tax refund may be smaller, IRS warns: Here’s why

The Internal Revenue Service is issuing a warning for 2023: You likely won’t receive as large a tax refund as you have in the past. - The lack of stimulus payments in 2022 will play a key role.

In the last two years, many taxpayers received additional refunds due to Economic Impact Payments –the official name for stimulus payments – issued during the COVID-19 pandemic. The last stimulus payment was issued in March 2021, and with none coming in 2022, taxpayers won’t get the additional money in their refunds.

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