LOUISVILLE, Ky. — Jan. 23 marks the beginning of the 2022 tax filing season and experts are warning filers may be shocked at refunds, that's if they even get one.
Some tax preparers are advising people to not get their hopes up about their refund. Officials say the amount will be similar to pre-pandemic levels: Much lower.
"It's going to be a big shock for a lot of people," Samantha Anderson, tax preparer at Stober's Tax Service, said.
Taxes this year are coming with a lot of surprises, one of which is the earned income credit which is for workers with low or moderate income.
Taxpayers with no children who claim this will get a maximum of $560 in 2022 that's down from the $1500 filers saw in 2021.
"This year that has changed you can no longer use 2019 so with job income increase and things like that," Anderson said.
This means people will not be able to claim their 2019 income. Also returning to pre-pandemic levels is the child tax credit.
Last year, filers could receive up to $3600 per dependent under 17. Anderson shared with WHAS11 how this year will be different.
"It's going back to pre-2022, so now you're only going to get $2000 per child and your 17-year-olds will not qualify," said Anderson.
Another change is, of course, the stimulus. Since there was not one given last year, people can't claim it on their 2022 return.
"The past two years on your tax return if you never received your stimulus when it was first sent out to everyone, you could retrieve that on your tax return," Anderson said.
Filers will also notice changes in the child and dependent care credit.
"If you have childcare expenses they were allowing like $8000 as a refundable credit that means if your taxable income zeroes out that credit would become a refund so now that's being decreased back to pre-Covid $3000 and it's a non-refundable credit, " Anderson said.
But that's no longer the case for this tax year. The maximum amount of care expenses a tax filer is allowed to claim is $3000 for one person, or $6000 for two or more people.
Anderson also said it's best to file early so tax preparers can help with a situation if a filer owes, or if there are any penalty changes, before the end of season rush.
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