Changes to Your Tax Refund

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The Internal Revenue Service is alerting taxpayers about a number of changes hitting in the 2023 tax filing year.

The most significant is that your tax refund, if you are eligible for one, may be smaller than the one you received this year. That’s because there were no federal stimulus payments issued this year.

The average refund jumped about $500 from 2021 to 2022 with those checks.

Another change is that the IRS says transactions that earned you $600 or more must be reported, including ones made on third-party apps like Venmo. Before now, tax forms were required only if the transaction exceeded $20,000.