Don’t count on that tax refund yet. Why it may be smaller this year
$Bank of America(BAC.US$ $S&P 500 Index(.SPX.US$ $SPDR S&P 500 ETF(SPY.US$ If you’re banking on a tax refund, it may be smaller, or you may owe money this season, according to financial experts.
Typically, you get a federal tax refund when you’ve paid or withheld more than the amount you owe, based on taxable income.
The IRS subtracts the greater of the standard or itemized deductions from adjusted gross income to reach taxable income, and there are a few reasons why it may be higher in 2021.
Marginal tax brackets for tax year 2021, married filing jointly
Marginal tax brackets for tax year 2021, single individuals
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Huval : This is incredibly misleading. The tax brackets aren’t unusual and aren’t why you may get a smaller refund. The article is referring to people who may gotten an advance or their child tax credit or those who have student loans and haven’t been paying interest.
efficentupupOP Huval: