Stimulus Update: This Important IRS Warning About Stimulus Checks Could Affect Your Finances in 2023

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  • The IRS recently released a statement about filing 2022 taxes.
  • The statement contained an important warning.
  • The alert from the IRS relates to the lack of stimulus checks this year.

Every American needs to hear this IRS alert.

For many Americans, 2022 has been a tough year thanks to high gas costs and rising prices on other commonly purchased necessities, including groceries.

For those looking ahead to 2023, the IRS has recently issued an important warning related to stimulus checks that could affect your finances next year. It's a good idea to listen to what the revenue agency has to say so you don't face any unpleasant surprises.

Pay attention to this IRS alert about stimulus checks

On Nov. 22, 2022, the IRS issued a news alert about getting ready to file your 2022 taxes. In this alert, the IRS addressed the potential impact of the absence of stimulus checks on the current tax year-- which you will file your return for in 2023.

"Refunds may be smaller in 2023," the IRS warned. "Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022."

Since stimulus checks and an expanded parent/Child Tax Credit available in 2021 allowed millions of Americans to receive more money back from the government, many taxpayers may be expecting a similar generous refund this year.

In fact, it's possible taxpayers may be counting on this to help them catch up on bills, pay down credit card debt they may have taken on this year, or pad their savings accounts if those accounts have taken a hit.

Unfortunately, without these stimulus checks, people may get far less than they anticipated, and this could lead to a serious cash shortfall.

That's especially true if you took advantage of COVID-era rules allowing you to deduct some charitable contributions without itemizing on your taxes. Those special rules have ended, and it's no longer possible to get a tax break for donations to charities if you claim the standard deduction. This means the amount of your tax refund could decline further if you took advantage of that deduction last year and no longer can do so for the 2022 year.

As if that all wasn't bad enough, the IRS also cautioned that you shouldn't expect to receive your tax refund by any specific deadline. "Some returns may require additional review and may take longer," the IRS statement read.

Don't rely on a big tax refund to cover the basics

As the IRS has made clear, the absence of stimulus checks in 2022 will have real consequences for people who need their tax refund to pay for necessities and who will likely now face a reduced refund.

If you were hoping for a big check from Uncle Sam after submitting your tax return, you may want to look into other ways to come up with the extra cash you were counting on since the government won't be sending it. The good news is, there are plenty of great options for side gigs you can look into to bring in much needed extra funds around the holidays and in the new year.

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