IRS warns tax refunds may be ‘somewhat lower.’ With high inflation, that’s a ‘double whammy’ for families, says advisor

If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS.

Typically, you can expect a federal refund if you’ve overpaid yearly taxes or withheld more than what you owe. One of the big reasons for smaller payments this year is expiring pandemic relief, which was delivered via tax breaks for 2021 returns, experts say.