Here’s what we know…
In a shocking turn of events, it now appears that if you were one of the 75% of Americans who get an annual tax refund, your upcoming 2022 tax refund will either be very small or completely non-existent and you may even owe the IRS money.
According to CNBC, there are three reason why you may miss out on a tax refund this upcoming year.
- You received the advance Child Tax Credit.
- Your student loan payments were paused.
- And lastly mutual fund distributions.
If any of these 3 things applied to you, you can expect little to no tax refund or even may end up owing the government money.
Furthermore, some parents who accepted the Child Tax Credit could end up paying a government back some of the money.
Moisand Fitzgerald Tamayo financial planner Tommy Lucus stated. “Working families are not expecting this. And it’s going to be a shock to them. It could be the difference between someone getting a small refund and owing a lot.”