IRS Warns Tax Refunds Will Be Much Lower This Year

Published on February 16, 2024

Inflation-hit Americans who filed their taxes early have received, on average, smaller tax refunds this year, according to data published by the Internal Revenue Service (IRS). The average tax refund issued by Feb. 2 averaged to $1,395, a significant decline of $568—or a drop of 29 percent—from the same time last year, the data show. So far, 2.6 million tax refunds have been issued, worth about $3.65 million. The IRS said that the average refund amount may change in the coming weeks and months as more returns are delivered. People who may receive the earned income tax credit, which is a break given to moderate- and low-income Americans, can’t get their refund before the middle of February, the IRS has noted....

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