IRS Says Average Tax Refund Is Up So far This Year; Here’s Why

The Internal Revenue Service (IRS) revealed it is issuing larger tax returns than the previous year, reversing trend from several weeks ago, according to a tax season update. As of Feb. 16, the average tax return so far totals $3,207, said the agency, or about 2 percent than the period last year. During the 2023 tax season, the average amount for a return around the same time was $3,140, it added. Early data suggest there is a drop in tax returns received compared to the previous year. The tax agency has received 34,743,000 tax returns as of Feb. 17, or a 5.7 percent drop from the same time last year. As of Feb. 17, 2023, it received 36,769,000returns....