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Here’s how to get a faster tax refund during the 2023 filing season


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Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. 

Some 30% of Americans overall say they will rely on their tax refund to make ends meet, according to a survey released Wednesday by Credit Karma, which polled roughly 1,000 U.S. adults in early December. The percentages were even higher for Gen Zers and millennials, 40% and 46% of whom, respectively, say they will depend on the payment.

“Nearly three-quarters of Americans are expecting a tax refund this year and for many it will be the most significant financial windfall of their year,” said Courtney Alev, consumer financial advocate at Credit Karma.

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While many Americans count on yearly tax refunds, financial difficulties may be greater this season after a year of soaring costs.

Annual inflation fell to 6.5% in December, the U.S. Bureau of Labor Statistics announced on Thursday. While prices are dropping, annual inflation remains at the highest level in decades.  

Meanwhile, the IRS has warned taxpayers that refunds may be smaller in 2023 now that many pandemic-era tax breaks, such as bigger child tax credits or more generous charitable deductions, have expired. In 2022, the average refund was $3,176 as of Oct. 28, according to the IRS, up nearly 14% from $2,791 in 2021.

How to get a faster tax refund

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2023-01-13 12:00:01

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