January 20th, 2026 Local News
Washington, D.C. (KFMO) - The Internal Revenue Service says the 2026 tax filing season will open January 26, with Americans expected to receive a record $370 billion in tax refunds nationwide.
Missouri families, particularly in southeast Missouri, are projected to see significantly larger refunds as a result of recently enacted Working Families Tax Cuts. According to information released by Congressman Jason Smith of Missouri’s 8th District, families could receive an average of about $1,000 more in refunds compared to last year. Overall, Americans are expected to receive an additional $91 billion in refunds, representing a 26 percent increase from the previous filing season, with average refunds approaching $4,000.
Under the tax changes, a family of four earning $73,000 and claiming the standard deduction and Child Tax Credit is expected to owe zero federal income tax. The legislation includes a larger standard deduction, permanent lower tax rates, expanded Child Tax Credit benefits, and provisions eliminating taxes on tips, overtime pay, and Social Security income, with changes applied retroactively to 2025 income.
The refund increases are expected to provide added financial relief for households as the filing season begins later this month.