A recent survey of taxpayers shows a large number of Americans anticipated a tax refund that is either the same size or larger than last year’s.
The survey, released by tax-preparing software firm TaxAct this month, showed that only about 30 percent of Americans anticipated “receiving less of a refund on their 2022 returns” despite recent warnings from the Internal Revenue Service and other tax experts. Another 24 percent said in the survey that they “don’t know what to expect.”
The smaller refunds come as many Americans are saving less and are increasingly expressing worry about decades-high inflation, according to a TaxAct release. Tax experts have said that federal government pandemic programs as well as tax credits have ended for many.
“Refunds are predicted to go down 11 percent from last year,” Curtis Campbell, president and CEO of TaxAct, stated in a press release. “And it’s important for people to be prepared to receive less or even owe money this tax season.”