The average tax refund is down more than 20% over last year, according to the latest statistics from the IRS. As of February 9th, the tax agency had processed 25.4m returns out of the 25.5m received since the official start of the tax season on January 29th. Both figures reflect a decline – 4.4% and 11.4%, respectively – from last year. The number of refunds is down 44% from 13.4m to 7.5m, and the total amount refunded fell by over 50% from $26.6bn to $13bn. The average refund amount is also down almost 13% from $1,997 to $1,741. The average refund is expected to increase in the coming weeks as payments are sent to those claiming the Earned Income Tax Credit or Additional Child Tax Credit. People claiming those credits will not receive refunds sooner than February 27th, due to a federal law requiring extra identity checks.
