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IRS warning people they can receive less money from tax returns this year

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Why you may see a smaller tax return

ROCHESTER, Minn.-  Tax season is approaching but the IRS is warning people to possibly expect a low refund this year.

Less money might be arriving in people's bank accounts this year because of the Child Tax Credit. President Biden expanded it this year under his American Rescue Plan.

The credit was raised  from $2,000 per child to $3,600 dollars for each child under six and $3,000 dollars for children between six and 17.

Parents including Stacy Gobler are not surprised about possibly receiving less money from her tax refunds this year.

"As a parent I received literature from the government stating that we were going to get possibly a smaller tax refund knowing when we gained those child tax credits," explains Gobbler. "It doesn't really surprise me if mine's a little bit smaller."

Some people received the Child Tax Credit payments in 2021 by mistake.

Those people can also expect a smaller refund. Less money is fine for taxpayers including Bart Bruley.

"That doesn't bother me. I got three kids," Bruley tells KIMT News 3. 

Although people are getting less of a payout in 2022 because of the Child Tax Credit, the credit was a big help in 2021. According to CPA's,  families who welcomed a child last year, can receive more money from their refund. 

The deadline to file your taxes is April 18.

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