Inflation reduction act

Forum|Forum|3 years ago
September 28, 2022
2 replies
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I am concerned about this new inflation law. My husband and I do not have any of the credits mentioned in this law so how is this law going to help us get a nice refund in 2023? Also, I am concerned about all of the irs agents that are going to be involved. Is this going to make it easy for them to audit us at any point in time? And this year I will have my first rmd deduction because I am 72. Will turbo tax direct me to a question about rmd deduction? 2/3 of it will go to charity so can I put those in my deductions?

darin_w

Hi @Jo721. I understand your concern with the law affecting you directly. While you may not have the credits mentioned, our Turbo Tax experts will be here at tax time to make sure you are able to receive the biggest refund possible.

The law does include a provision to increase the number of IRS agents, however Treasury Secretary Janet Yellen has directed that enforcement resources will not be used to raise audit rates for households making under $400,000 a year (link below)

As you are completing your tax return this year, Turbo Tax will direct you to questions about the RMD. You will also be able to input your charitable deductions and Turbo Tax will complete all the calculations.

https://home.treasury.gov/news/press-releases/jy0952