Why are so many people owing IRS money for 2022 tax returns? What changed?
I've noticed a trend on social media where lots of people are owing money to the IRS for their 2022 returns instead of getting refunds like usual. Even people who normally get refunds are owing thousands. Anyone else seeing this? What changed in 2022 that's causing this?
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PixelPrincess
The main reason is that many COVID-era tax benefits expired in 2022. The Child Tax Credit went back to $2000 per child (down from $3600), the Child and Dependent Care Credit decreased significantly, and the Recovery Rebate Credit isn't available anymore. Plus, if you didn't adjust your withholdings after these changes, you might have been underwithholding all year.
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Omar Farouk
omg this explains why i owe $3200 this year! i had no idea about these changes 😭
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PixelPrincess
Yep, lots of people got caught off guard. Make sure to adjust your W-4 for 2023 to avoid another surprise next year.
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Chloe Martin
Hey everyone - if your trying to understand exactly whats going on with your transcript and figure out the best path forward, check out taxr.ai. It's only $1 and it does an amazing job analyzing everything. Way better than trying to piece together info from reddit posts tbh
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Diego Fernández
How accurate is it? Like does it actually help figure out what you need to do?
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Chloe Martin
Its scary accurate! It looked at my transcript and told me exactly why I was owing and gave me specific steps to fix it. Best dollar I've spent fr fr 💯
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Diego Fernández
just tried it and WOW! wish i knew about this sooner, saved me hours of research 🙌
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Anastasia Kuznetsov
same boat here! went from getting 5k back last year to owing 2k this year smh
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Sean Fitzgerald
its not just u fam, my whole office is dealing with this. our HR sent out an email explaining all the tax credit changes but nobody read it lol 🤡
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Zara Khan
who actually reads HR emails tho fr fr
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MoonlightSonata
The goverment really said sike with them refunds this year 💀
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Mateo Gonzalez
fr fr they hit us with that uno reverse card
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Nia Williams
Check your withholdings peeps! I adjusted mine last April when I heard about the changes and im getting a small refund instead of owing
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Luca Ricci
how do u even do that? asking for next year lol
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Nia Williams
just fill out a new W-4 with your employer. u can use the IRS withholding calculator online to figure out the right numbers
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