Tax season 2023: Average tax refund down 9%, IRS says
According to the IRS, 80 million people have filed their 2022 returns. Officials say the average refund is about $2,900, 11% less than last year.
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According to the IRS, 80 million people have filed their 2022 returns. Officials say the average refund is about $2,900, 11% less than last year.
Many states handed out checks and rebates to help ease the sting of inflation. Now, that means that residents might have to wait longer for refunds.
Maine led the way among states with the smallest average refunds, followed by Oregon, Vermont, Iowa, and West Virginia.
The average tax refund came in at more than 11 percent higher than last year’s amount of $2,893.
The IRS has stated that most refunds are issued within twenty-one days if they are electronically filed and error-free.