- ORIGINAL NEWS
The IRS has so far issued 43 million tax refunds, worth $135 billion
- SUMMARY
As of March 8th, 2023, the IRS has swiftly distributed over 43 million refunds, totaling an impressive $135.3 billion to eligible taxpayers.
Each refund averaged around $3,145, noticeably higher than the $2,972 average during the same period last year.
By leveraging the convenient “Where’s My Refund?”
online tool, taxpayers can easily monitor the status of their refunds.
However, the upcoming tax deadline looms on the horizon, while the IRS has received less than half of the anticipated returns for the 2023 filing season.
Despite the IRS issuing substantial refunds, the average amount may still fluctuate as more returns pour in.
Notably, many taxpayers tend to file returns sooner when expecting refunds.
Experts attribute the higher refund amounts to factors such as the rampant inflation that characterized 2022.
Inflation, although waning, remains elevated compared to the Federal Reserve’s target.
As a result, around 40% of taxpayers are counting on these refunds to alleviate financial pressures this year.
Consequently, it’s estimated that refund totals will be higher than in previous years.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“- The average refund was $3,145, up from $2,972 during the same week last year.
– The agency reported.However, the average refund could change as the IRS receives tens of millions more returns”
Negative
“- Indeed, knowing “they won’t get a refund” is one of the top five reasons Americans procrastinate on taxes, according to a January survey from IPX1031, an investment property exchange service.”