Posted on 02/14/2024 7:12:52 PM PST by george76
The average refund so far this tax season is ringing in at $1,395 compared to $1,963 last year...
Tax refunds so far this year are markedly smaller than the same time a year ago, according to the earliest tax season data from the Internal Revenue Service.
The average refund amount was $1,395 as of Feb. 2, down 28.9% from $1,963 for the same period last year, the IRS reported. That’s based on nearly 2.6 million refunds disbursed so far versus 7.9 million refunds disbursed by this point last year.
The statistics for this year are based on five days of data instead of the typical 12 days because filing season opened Jan. 29 instead of Jan. 23 last year.
The average amount likely will change as more returns are processed.
...
The early data suggests that the return to prepandemic credit allowances will mean smaller refunds for many taxpayers.
...
Overall, the average refund last year was $3,167 based on nearly 163 million returns, according to the latest IRS data.
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Smaller refunds could be a blow for some households that rely on this windfall to shore up their financial position.
Last year, Americans said they used their refunds to pad their savings, pay down debt, and pay for necessary household expenses
(Excerpt) Read more at finance.yahoo.com ...
That’s good news. Tax refunds are just interest-free loans to the government.
What were Jan ‘24’s Estimated Tax payments compared to Jan ‘23?
Shrinkflation hits the IRS!
Women and minorities hardest hit!!
Interesting that the return volume is about 3 times less at this point than last year. Just another way this current government is sticking it to the public.
I figured three months of the year I worked for the government, so I had them stop withholding taxes for 9 months. I got a $100 refund.
That’s what I keep telling my kids. “But everyone else is getting a big check from our benevolent father in Washington.”
>Last year, Americans said they used their refunds to pad their savings, pay down debt, and pay for necessary household expenses<
One wouid think that spending that refund would help not hurt.
Oops, I forgot the gov. gets your a** in other ways. Illegals are now the governments concerns. Recycling Americans.
Well, putting your money in a savings account is essentially an interest-free loan to your financial institution, so there is no longer any benefit from keeping it in your own bank rather than letting Uncle Sam hold it for you.
“Tax refunds are just interest-free loans to the government.”
Exactly gator, and ‘refund’ is a sneaky govt term too. It was your money the entire time and you never had to send it in at all and lose the use of it for months.
EXACTLY
Maybe people are finally not overpaying their taxes for 12 months & then waiting for it to return to them.
IT IS NOT A WINDFALL-—
IT IS A SERIOUS MISTAKE TO OVERPAY YOUR WITH HELD TAXES
IF THE IRS DECIDES TO DRAG THEIR FEET-—YOU COULD WEIGHT A VERY LONG TIME FOR YOUR “REFUND”.
IIRC-—THE IRS HAS NO RESTRICTIONS ON HOW LONG THEY CAN TAKE TO PROCESS YOUR TAX FORMS.
I used to get excited until I realized it was my money to begin with.
I prefer to apply any refund to the following year’s taxes, so it doesn’t matter how long the IRS drags their feet. If that indicates you need to adjust your witholding, then do so.
You could look at it as bad news for some retail. Tax refund season for a lot of businesses is kind of like Christmases for a lot of others. This could be really bad news for the car industry, for example, which is already in a state of collapse.
Just thinking out loud.
I’ve owed money back for about the last six years.
This year will be no different.
I’ll take the 5% interest on that money, thank you.
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