It all had to end sometime. Tax refunds may be smaller this year as many pandemic-era breaks have ended.
, timed-out in 2021. And the adjustment could lead to refund shock, or balances due, for many U.S. taxpayers this time around as the 2022 filing window opened earlier this week.
Many U.S. taxpayers received their third and final stimulus benefit of $1,400 in 2021. While the subsidy came in the form of a check for some taxpayers, others received a "recovery rebate credit" which helped boost refund checks last year. That benefit will not be in play this cycle. The threshold for claiming the Child Care and Dependent Tax Break has returned to its pre-pandemic level, as has the size of the qualified tax credits.
The biggest difference is the income qualification. To receive that credit in full in 2022, you must have made $15,000 or less — a steep drop from 2021's $125,000 income threshold — though households earning up to $438,000 will receive at least partial credit. Taxpayers have until April 18 to file their taxes this year, but some taxpayers living overseas and disaster victims may have later filing deadlines, according to the IRS. Alabama, California and Georgia storm victims now have until May 15 to file various federal individual and business tax returns and make tax payments.
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