The average tax refund amount so far this filing season is worth about $1,963, a decline of about 11% when compared with last year, according to IRS data.
Senior congressional correspondent Chad Pergram reports on Democrats and Republicans' differing views on the agency in a confirmation hearing for its nominated leader on 'The Bottom Line.'well underway, the Internal Revenue Service is providing an early peek at the typical refund amount taxpayers can expect to receive. that it has issued about 8 million refunds as of Feb. 3, worth a collective $15.3 billion.
That is in line with an earlier warning from the IRS for taxpayers to brace for a smaller refund this year because there were no stimulus payments delivered by the federal government in 2022. In 2021, the IRS delivered a third round of stimulus payments worth up to $1,400 per person. Eligible Americans could claim unpaid funds on their tax return.about preparing for the upcoming tax season.
Taxpayers typically receive a refund if they had too much money withheld and overpaid their taxes the previous year. For many families, the money can be substantial: Nearly three-quarters of filers received a tax refund in 2022, with an average payment worth about $3,176 – up from about $2,800 in 2021. The decrease in refund size can be concerning to millions of Americans who depend on the influx of money from Uncle Sam to make major purchases, save for retirement or pay off debt.
"These tax refunds can help folks build that cushion up again, protecting them from needing to rely on credit cards and other loans for a while longer," LendingTree chief credit analyst Matt Schulz said at the time. The IRS has received about 19 million returns this year, an increase of about 30% from the year-ago period.
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