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Kiplinger
Kiplinger
Business
Katelyn Washington

Will Your IRS Refund Be Less This Year?

IRS EITC Social Security
Rendering of gold dollar sign next to a white question mark.

According to recently released IRS data, the average tax refund was only $1,395 as of Feb. 2. At that same point last year, tax refunds averaged $1,963. That’s an almost 29% ($568) difference. This data may sound alarming if you are among the approximately 75% of taxpayers who receive a tax refund. But should you worry about getting a smaller amount back from the IRS in 2024? 

Here’s what you need to know.

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