![]() For instance, if your wages rose 4% last year, that's below the 7% IRS adjustment to its tax brackets. Those taxpayers receiving bigger refunds are most likely to be workers whose income didn't keep up with inflation. Some people could see bigger refunds this year, with some potentially receiving 10% more than a year earlier, Steber said. The IRS also adjusted its tax brackets upward for 2024, pushing the limits by about 5.4% higher this year. In 2023, the tax brackets were adjusted upward by about 7% to account for last year's high inflation. The IRS has adjusted its tax brackets for inflation for both 20. ![]() And the CTC tweak could impact your tax refund by only a few hundred dollars, which Steber said isn't worth a delay in receiving your tax refund, which will likely represent a much bigger amount. If the expanded CTC becomes law and is retroactive to 2023, the IRS will likely send you a check to make up the difference, Steber noted. "I can emphatically say, without a question, never wait to file your taxes for possible pending D.C. Tax experts tell CBS MoneyWatch that you shouldn't hold off on filing your taxes in the hope that Congress will greenlight a more generous Child Tax Credit. Should I wait to file my taxes due to the Child Tax Credit? That deal could provide a more generous refund amount to millions of parents. Right now, there is a deal to expand the Child Tax Credit (CTC), which includes the possibility of making some changes retroactive to 2023 - the tax year that people are currently filing for. What is happening with the Child Tax Credit? This season, taxpayers will see whether the IRS needs more information from them, as well as other details, the agency said. The IRS on Monday said that it is updating the "Where's My Refund?" tool to provide more details about a taxpayer's refund, rather than the typical message that the returns are being processed and to check back later. The best way to check the status of your refund is to visit Where's My Refund? online at IRS.gov or on the IRS2Go app. Paper returns can take much longer for the IRS to process. It's also important to understand that the 21-day turnaround applies to people who file their taxes electronically.
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