The average tax refund is down more than 20% over last year, according to the latest statistics from the IRS.
As of Feb. 9, the tax agency had processed 25.4 million returns out of the 25.5 million received since the official start of the tax season on Jan. 29. Both figures reflect a decline — 4.4% and 11.4%, respectively — from last year.
The number of refunds is down 44% from 13.4 million to 7.5 million, and the total amount refunded fell by over 50% from $26.6 billion to $13 billion. The average refund amount is also down almost 13% from $1,997 to $1,741.
The IRS expects the average refund to increase in the coming weeks as the agency sends payments to those claiming the earned income tax credit or additional child tax credit.
People claiming those credits will not receive refunds sooner than Feb. 27, due to a federal law requiring extra identity checks. Read more.