The highest inflation in 40 years has walloped many Americans, with a recent Primerica finding that three-quarters of families are cutting back on non-essential purchases to offset higher prices, while half are tapping into their emergency savings to keep afloat.
To be sure, it's still early in the tax filing season, with the IRS typically receiving more than 160 million tax returns annually. That means the vast majority of Americans have yet to file their taxes; the average refund is likely to change as the April 18 tax filing deadline draws near.
The average tax refund typically grows larger over the course of the tax filing season, likely as higher earners and people with more complicated taxes file later than those with simpler returns. The average tax refund in 2022 was almost $3,300, or 16% higher than in 2021.
Positive sign
Because of the jump in early filings, the IRS has issued more refunds so far compared with a year earlier, Bank of America noted. And more returns include refunds than last year, although the average amount is lower.
One positive note: The IRS appears to be in a better position to process returns quickly than in prior pandemic years, given its hiring of more than 5,000 new telephone customer service agents and more in-person staff to help people file their returns, Bank of America said. It added that the IRS has also whittled down its backlog of unprocessed returns.
Under the Inflation Reduction Act, the agency was allocated $80 billion over the next decade to beef up enforcement, hiring and its technology. That spending comes after millions of taxpayers suffered delays in processing their returns during the pandemic, with the IRS struggling to keep up due to staffing issues and a lack of modern equipment to scan and process paper returns.
The IRS it sends 9 in 10 refunds within 21 days, although the agency has also warned taxpayers this year that they shouldn't bank on getting refund checks by any specific date this tax season.
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