The average tax refund is $300 smaller so far this year

Woman in hijab talking on cellphone at home (Credit: PixelsEffect)

True to the IRS's warning, tax refunds are worth a few hundred dollars less this filing season than they were last year, on average.

The average tax refund as of Feb. 10, 2023, is $1,997, compared to an average of $2,323 last year. That's a 14% drop, according to statistics released by the IRS.