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Taxcaster estimate2/14/2024 ![]() In March 2021, the American Rescue Plan was signed into law and provided financial relief for millions of Americans. ![]() Changing Tax Benefits That Could Result in Lower Tax Refunds For answers to this question and anything else related to your tax situation, TurboTax Live tax experts are available in English and Spanish, year round, and you can even get your taxes done in one meeting while a TurboTax Full Service expert prepares your taxes. Read on for more details to help you understand why your refund may be different than expected, but know that you don’t need to remember all of this come tax time. If you were able to claim any of these tax benefits in 2021, you could see a difference in your refund when you file. Multiple IRS announcements warn that refunds may be smaller than expected for tax filers this season. ![]() Many tax credits under the American Rescue Plan, like the Child Tax Credit, Child and Dependent Tax Credit, and Earned Income Tax Credit, reverted to pre-American Rescue Plan provisions or were eliminated entirely. ![]() One of the key factors having an impact on tax refunds this tax season is the changes to tax provisions under the American Rescue Plan.
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