As tax season is underway, the IRS is providing an early glimpse into tax filings, and the numbers thus far may not be good news for Americans expecting larger refunds.
The agency has received almost 19 million filings since accepting tax returns for the 2022 tax year on Jan. 23, issuing around 8 million refunds to date.
How much are tax refunds this year?
The average refund check this year is $1,963, almost 11% less than the same time last year.
This lower refund trend is in line with predictions from tax professionals and the IRS, as pandemic tax credits and other benefits, such as the expanded Child Tax Credit and federal stimulus checks, have expired.
The average tax refund tends to grow as the filing season progresses, so these early figures may not necessarily represent what taxpayers can expect as the April 18 tax filing deadline approaches.
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