IRS refund reached $15.7 billion. (Photo: Daily Times)
The IRS warned the average taxpayer that the refunds might be smaller this tax season, and as of early February, it appears the agency was correct. While the IRS refund reached $15.7 billion as of February 3, the average amount had decreased by nearly 11%, from $2,201 in 2022 to $1,963 this year.
The good news is that the IRS is much more efficient than last year. The agency has processed 16.7 million IRS refunds this season, up 29% from 2022, thanks partly to hiring 4,000 new customer service agents and adopting more modern technology. Furthermore, the IRS issues over 90% of refunds to the average taxpayer within 21 days of receiving and reviewing tax returns.
READ ALSO: IRS Free File 2023: Here’s How To File Your Taxes For Free!
Track Your Tax Refund
An average taxpayer can see the refund status using the “Where’s My Refund?” tool on the IRS website, but you must wait at least 24 hours after e-filing your return for your information to appear. Submitting a paper tax return may be six months or more before your IRS refund status becomes available.
Get the Most Out of Your Tax Refund
While an average taxpayer may have hoped for (or expected) a larger IRS refund, a small tax refund can still help to improve life and finances. Consider increasing savings, paying off debt, enrolling in an online course, or making necessary home or car repairs.
READ ALSO: Tax Refund Application: IRS Starts Sending Tax Refunds, How to Avoid Delays?
