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Kiplinger
Kiplinger
Business
Gabriella Cruz-Martínez

IRS Tax Refunds Are $1,000 Smaller This Year: Here's Why

IRS Inflation Kiplinger Income Tax EITC
The portrait of Benjamin Franklin on the one hundred dollar bill peering from behind a check issued by the U.S. Government.

Tax refunds are coming in smaller this year, and the drop may be due to certain family tax credits haven’t been delivered yet.

The IRS reported that the average refund amount via direct deposit was $2,252 based on 33 million tax returns processed through February 14. That’s down 31% from $3,265 during the same period last year when the agency processed over 34 million returns.

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