Skip to content
Home » News » IRS refunds are trending $360 less per household, experts say

IRS refunds are trending $360 less per household, experts say

The Internal Revenue Service (IRS) has refunded approximately $172 billion to taxpayers this year, which is $16.4 billion less than in 2022, according to the agency’s latest data.

DiSanto Propane (Billboard)

The average refund per person is $2,903, which is $360 less than last year.

Ted Rossman, senior industry analyst at Bankrate, warns that the lower refunds may have a dramatic effect on household budgets, as many households rely on these refunds.

Although the lower refunds may help in reducing inflation by causing households to curb spending, the lower-dollar checks may put many households into further financial distress, especially given the ongoing inflation.



Tags:
Categories: New York StateNews