As of Feb. 4, the most recent data available, the average tax refund is down just under 11%, from $2,201 to $1,963.
Child Tax Credit – Taxpayers who received $3,600 in 2021 as part of the expanded Child Tax Credit will see a big cut to pre-pandemic level of $2,000 for the 2022 tax year.
Earned Income Tax Credit – During the pandemic, eligible taxpayers without children were eligible for $1,500. This will be cut to $500 in 2022. Child and Dependent Care Credit – This credit will see a significant reductions from $8,000 in 2021 to $2,100 in 2022. No above-the-line charitable deductions – During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.
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