Through the first month of tax filing, fewer Americans are claiming tax refunds this season. The number of tax returns filed is down by 3% compared to the previous year, and the number of returns containing refunds has also decreased. However, despite the decrease in the number of refunds, the average refund amount is higher this year.
Through the first month of tax filing, fewer Americans are claiming tax refunds this season. According to Internal Revenue Service data, 44.5 million tax returns were filed through Feb. 23, which is down by 3% from the previous year. Of the returns, there have been 28.9 million returns containing refunds, which is down from 35.1 million a year earlier. With the U.S.
workforce nearly the same size at the end of 2023 as it was in 2022, the data would indicate that some Americans are opting for less money to be taken out of their paychecks rather than receiving a return in the spring. The IRS says that $92.9 billion in refunds have been issued from the start of the tax season through Feb. 23. Last year, by the same time, over $108 billion had been refunded. Despite fewer people claiming refunds in the early weeks of tax season, average refunds are higher this year. The IRS says the average refund is $3,213, which is up from $3,079 a year ag
Tax Refunds IRS Tax Season Americans Average Refund
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