January 11, 2023
Yes – you heard correctly.
You will likely see a smaller tax refund when you file your 2022 taxes in 2023 – especially if you claim the child tax credit, the earned income tax credit or the child and dependent care credit.
All those credits are going back the levels they were in 2019 before Congress bumped up the amounts due to covid. Those laws expired so now everything reverts back to the way it was.
If you have kids of a certain age and you’re financially qualified, the child tax credit will return to $2000 in 2022 instead of $3000 or $3600 you saw in 2021.
If you are eligible to claim the earned income tax credit with no kids and you received about $1500 dollars in 2021 it’ll go back down to $500 bucks for 2022.
And if you claim the child and dependent care credit – it will return to the maximum of $2100 dollars instead of $8000 in 2021.
Read more from the IRS about these 2023 tax season changes here.
