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Video instructions and help with filling out and completing Publication 5330 the new tax cut law will impact your 2021-2022 tax return
A tax cuts and Jobs Act as amended is passed last year Congress enacted the biggest tax overhaul in a generation by making modest tax cuts for the middle class and slashing corporate tax rates President Trump said the overhaul would bring big economic benefits to the country well now that Americans are filing their tax returns for the first time under the new law how the changes will they actually see here's what it means for your personal finances in four minutes or less under the new law 80% of Americans are expected to pay fewer taxes in 2022 according to the Tax Policy Center that means many Americans are getting more money in their paychecks but many filers will see smaller refunds than they did the previous year in fact IRS data shows total tax amounts refunded are down from tax year 2022 here's personal finance expert Lynette Calif Ani Cox to explain how that's the case in 2022 the big change that happened is that the withholding tables changed and so for most people they actually did have less taxes taken out so they had bigger paychecks the problem though is that it was a relatively small amount for some people it was like 20 bucks 50 bucks maybe every single pay period so it wasn't particularly noticeable so when people heard that they were getting a tax break they thought that their tax refund checks would go up but that's not actually how it works the reality is that fewer taxes were taken out of their paycheck over the course of the year and so that in effect was the refund that they received getting less of a refund is actually a good thing if you get a refund you paid too much in taxes to the government over the course of the year basically you gave the IRS a zero interest loan and that is not a good financial move you're much better off having that money in your pocket throughout the year and putting it into a savings account earning interest or your employer's 401k plan an IRA or just investing in an index fund where your money can grow so you don't want a refund but you don't want to pay a big tax bill at the end of the year either if you weren't happy with where you ended up this past tax year you need to adjust your paycheck tax withholdings now so you pay closer to the right amount you owe in taxes for 2022 here's Lynette Kalpana Cox again with an explanation of how to do that you need to adjust your withholdings and you do that by filling out a new w-4 form for 2022 the IRS has given us a new form to fill out and the key line on this form is line five which references your allowances the number of allowances that you claim are vitally important to telling your employer how much in.