Average Tax Refund Is Down More Than $500 This Year
NEW YORK (CBS NEWS) - Three weeks into tax season, Americans' tax refunds are shrinking. The average refund issued through February 15 was 16 percent smaller than this time last year, according to data released by the Internal Revenue Service. The average refund so far this year is $2,640, down from $3,169 in 2018.
The number of taxpayers getting refunds is also sharply lower compared with last year -- down more than 26 percent, though the number of tax returns processed was down by only 6.6 percent.
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