Summary
The IRS has provided guidance on how taxpayers can claim benefits from new changes in the One, Big, Beautiful Bill (OBBB) for the 2026 tax filing season. These changes include expanded tax credits and deductions affecting families, health coverage, and education. The IRS emphasizes the importance of accurate filing and using online tools to avoid delays in receiving refunds.
Key Facts
- The OBBB was signed into law on July 4, 2025, and introduced new and expanded tax benefits.
- Many of these changes are retroactive to the 2025 tax year, potentially resulting in larger refunds for early 2026 filers.
- Most early filers using direct deposit can expect refunds by March 2, 2026, if their returns are accurate and complete.
- The IRS is encouraging taxpayers to use direct deposit instead of paper checks, which can take six weeks or longer.
- Taxpayers should use IRS online tools to manage their accounts and confirm key information like Social Security numbers.
- The law expanded Health Savings Account (HSA) eligibility, including telehealth and certain insurance plans.
- From 2027, a new tax credit will be available for donations to Scholarship Granting Organizations, subject to state approval.
- The Act recognizes Indian tribal governments in determining a child’s special-needs status for the Adoption Credit.
