Number of IRS Refunds Drops 20 Percent From 2023

The Internal Revenue Service (IRS) has processed fewer refunds so far this year, with the agency’s number of refunds dropping 19.99 percent from last year. Besides this, the total amount refunded is also lower this year. As of Feb. 16, the IRS has issued 20.88 million refunds, which comes to 60.45 percent of 34.54 million returns processed. This is 19.99 percent lower than last year when it processed 36.76 million returns and refunded 27.78 million. The refund percentage rate was 75.55 on Feb. 17, 2023. The 2023 filing season began on Jan. 23, while this year’s season began on Jan. 29. The delay in processing times has not been considered, as computations were made based on the number of files processed....