Why some Americans may get a smaller tax refund this year
CBSN
Tax season is officially underway, with the IRS on Monday starting to accept and process people's 2022 returns. Yet while millions of Americans will eagerly await their refund, experts say some people may receive a smaller check than usual.
The biggest issue that could impact tax refunds is the enhanced Child Tax Credit, tax specialists note. The IRS hasn't yet said when it will start accepting tax returns, but typically it opens for new filings toward the end of January.
People receive tax refunds if they've paid more to the IRS throughout the year than they owe. The tax agency then cuts a check for the difference.
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